05:56 PM EDT, 08/21/2024 (MT Newswires) -- Thunder Power Holdings ( AIEV ) said late Wednesday it signed a common stock purchase agreement for a $100 million committed equity facility.

Under the terms of the agreement, the company will have the right to sell up to $100 million in newly issued common shares over a 36-month period, subject to certain conditions.

Thunder Power ( AIEV ) said it plans to use any net proceeds from the facility for working capital and general corporate purposes.

The company's shares were down nearly 3% in after-hours activity.

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