WILMINGTON, DE—Thunder Power Holdings, Inc. (NASDAQ:AIEV), a $19.16 million market cap company specializing in motor vehicles and passenger car bodies, announced the departure of Mr. Thomas Hollihan from its board of directors.
The company's stock has experienced significant volatility, declining 96.5% year-to-date according to InvestingPro data, though it recently showed signs of recovery with a 49.45% gain over the past week. Mr. Hollihan resigned from his position as Independent (LON:IOG) Director effective last Tuesday, November 26, 2024.
The company clarified that Mr. Hollihan's resignation did not stem from any disagreements with the company's management or operational practices. The specific reasons for his departure were not disclosed in the filing. Thunder Power Holdings emphasized that his resignation was a personal decision and unrelated to any aspect of the company's operations, policies, or practices.
In other recent news, Thunder Power Holdings has announced a series of significant changes in its management structure and operations. The company reported key executive changes, with Ms. Yuanmei Ma stepping down as Chief Financial Officer and Board member, and Mr. Pok Man Ho stepping in as the Interim Chief Financial Officer. Additionally, the company's CEO, Mr. Christopher Nicoll, has joined the Board of Directors.
Thunder Power Holdings also reported changes in the Board's leadership with Mr. Coleman Bradley, Chairman of the Board, taking a leave of absence and Ms. Mingchih Chen stepping up as Acting Chairwoman. These management changes coincide with the company's merger with Thunder Power Holdings Limited, which has led to a shift in leadership and corporate governance.
The merger has resulted in the company's officers and directors controlling 76.5% of the outstanding shares. As part of the restructuring, shareholders redeemed over 1.3 million shares for approximately $15 million. Furthermore, the company has secured a $100 million equity facility and changed its accounting firm to Assentsure PAC.
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