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Microvast has announced a proposed business combination with Tuscan Holdings Corp. (Nasdaq: THCB), set to complete in Q2 2021. A webcast on April 19, 2021, will discuss Microvast's innovative battery technologies and vertical integration. The merger is projected to yield $822 million in gross proceeds, backed by investors like Oshkosh Corporation and BlackRock. Post-merger, the company will operate as Microvast Holdings and trade under the symbol MVST.
Microvast, a leader in advanced battery technologies, is set to hold a webcast on April 18, 2021, at 11:00 a.m. ET, to discuss its innovative cell technology and vertical integration capabilities. This event follows the announcement of a business combination with Tuscan Holdings Corp. (THCB), expected to bring in $822 million in gross proceeds. Upon completion, the new entity will be known as Microvast Holdings and will trade under the symbol MVST on Nasdaq.
Tuscan Holdings Corp. (NASDAQ: THCB) has urged stockholders to vote FOR an extension amendment at its upcoming virtual annual meeting on April 28, 2021. The approval requires at least 65% of outstanding shares. This extension will allow additional time to finalize the business combination with Microvast, Inc., as the proxy statement was not mailed before the required deadline. The Board recommends the extension as beneficial. Failure to vote will count as a vote against the proposal. Voting instructions are provided to ensure stakeholder participation.
Tuscan Holdings Corp. (Nasdaq: THCB) has mailed proxy materials for its Annual Meeting scheduled for April 28, 2021. The meeting will address the election of a Class I director and an extension proposal for the business combination with Microvast, Inc. Stockholders as of March 17, 2021, are encouraged to vote, requiring a 65% majority for the extension proposal to pass. Notably, the proxy statement for this business combination was not finalized in time, necessitating this vote. For assistance, stockholders should contact Advantage Proxy, Inc.
Microvast has announced the initial delivery of battery systems to SAFRA, a French bus manufacturer, under their planned business combination with Tuscan Holdings Corp. (THCB). The agreement includes supplying up to 2,000 certified battery packs over three years, starting March 2021. The certification of the battery packs with ECE R100.2 is expected by June 2021. This collaboration aims to enhance the electrification of the French bus market, with Microvast focusing on future opportunities in fuel cell and retrofit buses.
Microvast plans to establish a new manufacturing facility in Clarksville, Tennessee, with an investment of $220 million and the creation of 287 jobs. This project is part of a broader strategy to enhance their presence in the U.S. battery market, which was initiated in 2019 in collaboration with the U.S. Department of Energy. Microvast's merger with Tuscan Holdings Corp. (THCB) is expected to provide up to $822 million in gross cash to fund growth. The facility will focus on manufacturing lithium-ion batteries for electric vehicles, targeting a $30 billion market.
Microvast, a leader in battery technologies, announced a Joint Development Agreement with Oshkosh Corporation, which includes a $25 million investment as part of a broader $540 million PIPE for its merger with Tuscan Holdings Corp (THCB). This collaboration aims to drive battery innovation for Oshkosh’s electrification strategy. The merger, valued at approximately $3.0 billion, is expected to close in Q2 2021, yielding $822 million in gross proceeds for Microvast. The new entity will operate as Microvast Holdings, Inc. and list under the ticker MVST.
Microvast, Inc. and Tuscan Holdings Corp. (THCB) have entered into a merger agreement to make Microvast a publicly listed company. The combined entity will be named Microvast Holdings, Inc. and trade on Nasdaq under the ticker MVST. The merger reflects an implied equity value of $3 billion and is expected to close in Q2 2021. Microvast specializes in battery technologies for commercial electric vehicles, boasting a pipeline worth $4.1 billion and contracts valued at over $1.5 billion. The transaction aims to capitalize on a growing market projected to exceed $1 trillion annually in commercial vehicle sales.