HOUSTON, TX – July 26, 2021 – Microvast, Inc. (“Microvast” or the “Company”), a leading global provider of next-generation battery technologies for commercial and specialty vehicles, today announced that it has completed its previously announced business combination with Tuscan Holdings Corp. (Nasdaq: THCB) (“Tuscan”). The business combination was approved at a special meeting of stockholders on July 21, 2021, resulting in the combined company being renamed “Microvast Holdings, Inc.”, with its common stock and warrants to commence trading on the Nasdaq on July 26, 2021 under the ticker symbols “MVST” and “MVSTW”.
Upon closing, the combined company received approximately $822 million in cash, comprised of approximately $282 million in cash held in trust by Tuscan and the proceeds of a $540 million PIPE from leading institutional investors including strategic partner Oshkosh Corporation as well as funds and accounts managed by BlackRock, Koch Strategic Platforms and InterPrivate Investment Partners. At closing, approximately 99.7% of funds remained in Tuscan’s trust account.
“The talented Microvast team developed our disruptive battery technology to revolutionize the way that we travel and help advance a greener, more electric future,” said Yang Wu, Microvast’s Founder, CEO, and President. “Becoming a public company not only validates the power of our next generation battery solutions, which provide our commercial vehicle operator customers with accelerated charging times, extended life cycles, and enhanced safety performance, but also the potential of our opportunity in a large and rapidly growing commercial Electric Vehicle market buoyed by a global shift to electrification. As a public company, we are poised to leverage our increased financial resources to develop and deploy our battery solutions in partnership with a suite of market-leading customers across the world. I want to thank the Microvast team for their commitment to our continued growth as we work to advance the mass adoption of commercial electric vehicles.”
Microvast, founded in Houston in 2006, develops disruptive battery technologies designed specifically for commercial electric vehicles (EVs) that feature best-in-class fast-charging capabilities, high energy density, significantly longer cycle life and proven safety performance. Powered by a proprietary intellectual property portfolio, Microvast’s battery solutions are significantly more stable under heat than traditional poly-ethylene separators and demonstrate improved thermal stability in the battery cell. Highly modular and vertically integrated, Microvast’s standard battery packs can utilize a wide variety of cell chemistries, providing great flexibility in vehicle design and applications to the Company’s broad range of potential commercial vehicle customers, including light, medium and heavy-duty trucks, vans, buses, trains, automated guided vehicles, port equipment and mining trucks. Microvast’s batteries are now integrated in almost 30,000 vehicles, running in 160 cities in 19 countries, for a total of over 3.8 billion miles traveled on its batteries to date.
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