Feutune Light Acquisition Corp Files 2023 Annual Report on Form 10-K

TL;DR

<b>Feutune Light Acquisition Corporation has filed its 2023 annual report detailing its corporate structure and securities listings.</b>

AI Summary

Feutune Light Acquisition Corp (AIEV) filed a Annual Report (10-K) with the SEC on March 6, 2024. Feutune Light Acquisition Corporation filed its annual report for the fiscal year ended December 31, 2023. The company is incorporated in Delaware and its principal executive offices are located in Metuchen, New Jersey. Feutune Light Acquisition Corporation's securities, including Units, Class A Common Stock, Warrants, and Rights, are registered on The Nasdaq Stock Market LLC. The company has submitted all required reports for the preceding 12 months and has been subject to filing requirements for the past 90 days. Feutune Light Acquisition Corporation has electronically submitted all Interactive Data Files required by Rule 405 of Regulation S-T.

Why It Matters

For investors and stakeholders tracking Feutune Light Acquisition Corp, this filing contains several important signals. This filing provides a comprehensive overview of the company's financial and operational status for the fiscal year 2023, crucial for investors assessing its performance and future prospects. The report confirms the company's compliance with SEC filing requirements, indicating a level of transparency and adherence to regulatory standards expected by the market.

Risk Assessment

Risk Level: low — Feutune Light Acquisition Corp shows low risk based on this filing. The risk is low as the filing is a standard annual report (10-K) and does not indicate any immediate financial distress or significant operational changes, but rather confirms ongoing compliance.

Analyst Insight

Investors should review the full 10-K filing for detailed financial statements and management discussion to understand the company's performance and strategic direction.

Key Numbers

• 20231231 — Fiscal Year End (Period covered by the 10-K filing)
• 20240306 — Filing Date (Date the 10-K was filed)
• 001-41394 — Commission File Number (SEC file number for the registrant)
• 87-4620515 — IRS Number (Registrant's IRS Employer Identification No.)
• 08840 — ZIP Code (ZIP code for principal executive offices)
• 909-214-2482 — Business Phone (Registrant's telephone number)
• 11.50 — Warrant Exercise Price (Exercise price for each warrant)

Key Players & Entities

• Feutune Light Acquisition Corporation (company) — Filer of the 10-K report
• The Nasdaq Stock Market LLC (company) — Exchange where company's securities are registered
• Delaware (location) — State of incorporation
• Metuchen, New Jersey (location) — Location of principal executive offices
• Class A Common Stock (security) — Registered security
• Warrants (security) — Registered security
• Rights (security) — Registered security

FAQ

Industry Context

Feutune Light Acquisition Corporation operates as a special purpose acquisition company (SPAC), typically focused on merging with or acquiring an existing business.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, specifically Section 13 or 15(d), requiring regular reporting of financial and operational information to the SEC.

What Investors Should Do

1. Review the full 10-K for detailed financial statements and management's discussion and analysis.
2. Monitor future filings for updates on potential business combinations or strategic developments.
3. Analyze the company's compliance history and any disclosures regarding its operational status.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-06: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This 10-K filing covers the fiscal year ended December 31, 2023, and confirms the company has met its reporting obligations for the preceding 12 months and 90 days.

Key Financial Figures

• $0.0001 — et LLC Class A Common Stock, par value $0.0001 per share The Nasdaq Stock Market LLC
• $11.50 — of Common Stock at an exercise price of $11.50 The Nasdaq Stock Market LLC Rights, ea
• $0 — ares of Class A common stock, par value $0.0001, and 2,443,750 shares of Class B c
• $97,750,000 — mbination, generating gross proceeds of $97,750,000. Simultaneously with the closing of the
• $10.00 — ters of the IPO, at a purchase price of $10.00 per Private Unit, generating gross proc
• $4,988,750 — vate Unit, generating gross proceeds of $4,988,750 (including $4,788,750 from Sponsor and
• $4,788,750 — gross proceeds of $4,988,750 (including $4,788,750 from Sponsor and $200,000 from US Tiger
• $200,000 — (including $4,788,750 from Sponsor and $200,000 from US Tiger) (the "Private Placement
• $99,216,250 — l business combination. The proceeds of $99,216,250 ($10.15 per Unit) in the aggregate from
• $10.15 — mbination. The proceeds of $99,216,250 ($10.15 per Unit) in the aggregate from the IPO
• $3,421,250 — ng as trustee. The Trust Funds include $3,421,250 payable to the underwriters (the "defer
• $400,000,000 — al or equivalent in value to the sum of $400,000,000 divided by $10.00 per share. "Earnout S
• $200,000,000 — al or equivalent in value to the sum of $200,000,000 divided by $10.00 per share, subject to
• $977,500 — on On March 21, 2023, an aggregate of $977,500 was deposited by the Sponsor into the T
• $0.10 — r the public stockholders, representing $0.10 per public share, which enables the Com

Filing Documents

• ea0200850-10k_feutune.htm (10-K) — 927KB
• ea0200850ex21-1_feutunelight.htm (EX-21.1) — 4KB
• ea0200850ex31-1_feutunelight.htm (EX-31.1) — 11KB
• ea0200850ex31-2_feutunelight.htm (EX-31.2) — 11KB
• ea0200850ex32-1_feutunelight.htm (EX-32.1) — 4KB
• ea0200850ex32-2_feutunelight.htm (EX-32.2) — 4KB
• ea0200850ex97-1_feutunelight.htm (EX-97.1) — 32KB
• 0001213900-24-020453.txt (&nbsp;) — 4992KB
• flfvu-20231231.xsd (EX-101.SCH) — 50KB
• flfvu-20231231_cal.xml (EX-101.CAL) — 26KB
• flfvu-20231231_def.xml (EX-101.DEF) — 247KB
• flfvu-20231231_lab.xml (EX-101.LAB) — 386KB
• flfvu-20231231_pre.xml (EX-101.PRE) — 238KB
• ea0200850-10k_feutune_htm.xml (XML) — 553KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 15 Item 1B. Unresolved Staff Comments 15 Item 1C. Cybersecurity 15 Item 2.

Properties

Properties 15 Item 3.

Legal Proceedings

Legal Proceedings 15 Item 4. Mine Safety Disclosures 15 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 16 Item 6. [Reserved] 16 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 22 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 22 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 22 Item 9A.

Controls and Procedures

Controls and Procedures 22 Item 9B. Other Information 23 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 23 PART III Item 10. Directors, Executive Officers and Corporate Governance 24 Item 11.

Executive Compensation

Executive Compensation 30 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 31 Item 13. Certain Relationships and Related Transactions, and Director Independence 32 Item 14. Principal Accounting Fees and Services 35 PART IV Item 15. Exhibits, Financial Statement Schedules 36 Item 16. Form 10-K Summary 38 i

FORWARD LOOKING STATEMENTS

FORWARD LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, or the Exchange Act. The statements contained in this report that are not purely historical are forward-looking statements. Our forward-looking statements include, but are not limited to, statements regarding our or our management's expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipates," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking ability to complete our initial business combination; success in retaining or recruiting, or changes required in, our officers, key employees or directors following our initial business combination; officers and directors allocating their time to other businesses and potentially having conflicts of interest with our business or in approving our initial business combination; potential ability to obtain additional financing to complete our initial business combination; pool of prospective target businesses; the ability of our officers and directors to generate a number of potential investment opportunities; potential change in control if we acquire one or more target businesses for stock; the potential liquidity and trading of our securities; the lack of a market for our securities; use of proceeds not he

BUSINESS

ITEM 1. BUSINESS In this Annual Report on Form 10-K (the "Form 10-K"), references to the "Company" and to "we," "us," and "our" refer to Feutune Light Acquisition Corporation Overview We are a blank check company formed as a Delaware corporation for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses, which we refer to throughout this report as our initial business combination. Our efforts to identify a potential target has not been limited to a particular industry. We will not undertake our initial business combination with an entity being based in or having the majority of the company's operations in China (including Hong Kong and Macau). Our ability to locate a potential target is subject to the uncertainties discussed in the prospectus relating to our initial public offering (the "IPO") filed with the Securities and Exchange Commission (the "SEC") on June 17, 2022 (File No. 333-264221) (the "Prospectus"). On June 21, 2022, we consummated the "IPO of 9,775,000 units (the "Units"), which included 1,275,000 units issued upon the full exercise of the over-allotment option of the underwriters of the IPO. Each Unit consists of one share of our Class A common stock (the "Class A Common Stock"), $0.0001 par value per share (the "Public Shares"), one redeemable warrant (the "Warrants"), each Warrant entitling the holder thereof to purchase one share of Class A Common Stock at an exercise price of $11.50 per share, and one right (the "Rights"), each one Right entitling the holder thereof to exchange for one-tenth (1/10) of one Class A Common Stock upon the completion of the Company's initial business combination, generating gross proceeds of $97,750,000. Simultaneously with the closing of the IPO, we completed the private sale (the "Private Placement") of 498,875 units (the "Private Units", consisting of one Class A Common Stock, or the "Private Sha

View Full Filing

View this 10-K filing on SEC EDGAR