Thunder Power Holdings, Inc. (NASDAQ:AIEV), a Delaware-incorporated manufacturer of motor vehicles, announced on Thursday a change in its certifying accountant. The company's Audit Committee decided to dismiss MaloneBailey, LLP as its independent registered public accounting firm on August 1, 2024.
The dismissal follows MaloneBailey's report on Thunder Power Holdings' financial statements for the years ending December 31, 2023, and December 31, 2022. The report raised a going concern note but did not contain any adverse opinion or disclaimer of opinion. There were no disagreements on accounting principles or practices, financial statement disclosures, audit scope, or procedures during the tenure of MaloneBailey that would have required disclosure in the company's report.
Concurrently, the company has engaged Assentsure PAC to audit its consolidated financial statements for the year ending December 31, 2024. The engagement of Assentsure PAC was effective immediately on August 1, 2024. Prior to this engagement, Thunder Power Holdings had not consulted Assentsure PAC on any matters related to the application of accounting principles or auditing matters.
In line with regulatory requirements, MaloneBailey has provided a letter to the Securities and Exchange Commission, dated August 1, 2024, confirming their agreement with Thunder Power Holdings' statements regarding their dismissal.
This corporate update is based on a press release statement and reflects the company's commitment to maintaining transparency in its financial reporting and auditing processes. Thunder Power Holdings, previously known as Feutune Light Acquisition Corp, has undergone significant changes since its name change on February 22, 2022, and continues to evolve in its corporate governance practices.
In other recent news, Thunder Power Holdings, Inc. has announced a significant corporate overhaul, including the completion of a merger with Thunder Power Holdings Limited. The restructuring has led to substantial changes in the company's leadership and corporate governance, with new directors and officers appointed. The merger resulted in the company's officers and directors, excluding Feutune Light Sponsor LLC, now controlling 76.5% of the outstanding shares.
The company also filed amendments to its Articles of Incorporation and Bylaws, resulting in an increase in authorized shares of common and preferred stock and changes to the board of directors' structure. Following the merger, shareholders redeemed over 1.3 million shares for approximately $15 million, leaving Thunder Power Holdings, Inc. with approximately $28.9 million in its trust account.
In addition, the company has implemented a new 2024 Omnibus Equity Incentive Plan, reserving about 4.6 million shares of common stock for issuance, set to expand annually starting in 2025. These are among the recent developments in the company's strategic changes.
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