Application Process is Currently Underway
to List on OTCQB
WILMINGTON, Del., April 20,
2025 /PRNewswire/ -- Thunder Power Holdings, Inc.
(NASDAQ: AIEV) ("Thunder Power" or the "Company"), a
technology innovator and developer of premium passenger Electric
Vehicles ("EVs") whose acquisition strategy is focused on
addressing strategic gaps in the EV sector with a diversified
approach across the clean energy value chain, today announced that
the Company received a notice from The Nasdaq Stock Market LLC
("Nasdaq") that after a hearing on April 15,
2025, it has determined to delist the Company's ordinary
shares on Nasdaq Capital Market for its failure to comply with
Nasdaq continued listing standards.
As a result, Thunder Power's common shares are expected to begin
trading under the symbol AIEV on the OTC Pink Open Market operated
by the OTC Markets Group, Inc. ("OTC"), commencing on April 21, 2025. The Company is in the process of
applying to OTC for listing on the OTCQB® Venture Market (the
"OTCQB") and, if the application is approved, will uplist from
OTC-Pink to the OTCQB. The transition of the Company's listing to
the OTC Pink or OTCQB is not expected to affect the Company's
business operations or its reporting requirements under the rules
of the Securities and Exchange Commission ("SEC").
Christopher Nicoll, Chief
Executive Officer of Thunder Power, commented, "We previously
announced the transfer of our listing from the Nasdaq Global Market
to the Nasdaq Capital Market, effective on March 28, 2025. However, after a hearing with a
Nasdaq listing committee last week, we were unexpectedly notified
of our delisting. Once we have executed on our M&A activities
and are qualified, we will reapply to once again be listed on
Nasdaq.
"In the near term, we are looking forward to receiving
shareholder and regulatory approvals on our previously disclosed
share exchange with Electric Power Technology Limited ("EPTL")
(TWSE:4529)," added Nicoll. "We expect to begin generating an
initial stream of revenue in 2025, which will further diversify
Thunder Power as a green energy solution provider. We are excited
to launch this partnership with EPTL to deliver innovative power
solutions to a variety of end markets. This alliance is a
deliberate next step to expand our capabilities and enter adjacent
environmentally-sustainable fields as we work to bring our EV's to
market. Once the EPTL transaction is completed, we will continue to
pursue additional strategic M&A targets in the attractive green
energy landscape throughout 2025 and beyond."
About Thunder Power Holdings, Inc.
Thunder Power is a technology innovator and a developer of
innovative electric vehicles ("EVs"). The Company has developed
several proprietary technologies, which are the building blocks of
the Thunder Power family of EVs. The Company is focused
on design and development of high-performance EVs, targeting
markets initially in Asia &
Europe. Thunder Power's
acquisition strategy is focused on addressing strategic gaps in the
EV sector combined with a diversified approach across the clean
energy value chain. For more information, please visit:
https://aiev.ai/.
Contact:
AIEV Investor Relations
AIEV@dennardlascar.com
713-529-6600
Forward-Looking Statements
This press release contains certain statements that may
include "forward-looking statements." All statements other than
statements of historical fact included herein are "forward-looking
statements." These forward-looking statements are often identified
by the use of forward-looking terminologies such as "believes,"
"expects" or similar expressions, involving known and unknown risks
and uncertainties. Although the Company believes that the
expectations reflected in these forward-looking statements are
reasonable, they do involve assumptions, risks and uncertainties,
and these expectations may prove to be incorrect. You should not
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results or outcomes could differ materially from those
anticipated in these forward-looking statements as a result of a
variety of factors, including but not limited to, (i) operational
risks, such as the Company's ability to successfully execute on its
business plan, its ability to complete the acquisition of Electric
Power Technology Limited; its ability to receive stockholder
approval to issue its common stock in relation to the Share
Exchange Agreement; its ability to successfully acquire assets on
terms that are favorable to the Company; its ability to integrate
acquired assets effectively; and its ability to adapt operations in
response to accidents, extreme weather events, natural disasters,
and related economic effects; (ii) regulatory and compliance risks,
such as the impact of new or amended governmental laws and
regulations, including tariffs, clean energy policies, and
environmental standards; changes in tax laws or tax-related
matters; its ability to receive a successful audit outcome under
Generally Accepted Accounting Standards; and its ability to
maintain its listing on the Nasdaq Global Market or successfully
transfer its listing to the Nasdaq Capital Market; (iii) financial
risks, such as the Company's liquidity position and ability to
obtain additional financing, if necessary; foreign currency
exchange rate fluctuations; interest rate volatility; the Company's
current pre-revenue status and uncertainties surrounding its
ability to generate revenue in the future, including potential
delays in product development, market acceptance, or achieving
profitability; (iv) market and industry risks, such as fluctuations
in consumer acceptance and demand for electric vehicles;
competition within the EV sector; the Company's ability to
integrate solar power technology into its products as part of clean
energy innovation initiatives; fluctuations in the availability and
cost of raw materials critical for EV production; and advancements
in battery technology or alternative energy solutions that may
impact market dynamics, and (v) such known factors as are detailed
in the Company's Annual Report on Form 10-K, Quarterly Reports on
Form 10-Q and Current Reports on Form 8-K, each as filed with the
Securities and Exchange Commission, and in other reports filed by
the Company with the Securities and Exchange Commission from time
to time and available on the SEC's website
(http://www.sec.gov). All forward-looking statements
attributable to the Company or persons acting on its behalf are
expressly qualified in their entirety by these risk factors and
those reported in the Company's filings with the Securities and
Exchange Commission. Other than as required under the applicable
securities laws, the Company does not assume a duty to update these
forward-looking statements, except as required by applicable laws,
regulations or rules.
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SOURCE Thunder Power Holdings, Inc.
