Microvast to Merge With Blank Check Company Tuscan Holdings
February 01 2021 - 8:17AM
Dow Jones News
By Michael Dabaie
Microvast Inc., an EV battery technologies company, will become
publicly listed through a merger with blank check company Tuscan
Holdings Corp.
The combined company will be named Microvast Holdings Inc. and
is expected to be listed on the Nasdaq under the new ticker symbol
MVST.
Tuscan Holdings shares rose 51% to $23.69 in premarket
trading.
Microvast, founded in Houston in 2006, develops battery
technologies for commercial and specialty vehicles.
The transaction reflects an implied equity value for the
combined company of $3 billion, based on current assumptions, with
a $10 a share private-investment-in-public-equity subscription
price.
The transaction is supported by strategic partner Oshkosh Corp.,
as well as funds and accounts managed by BlackRock, Koch Strategic
Platforms and InterPrivate Investment Partners.
The combined company will receive up to $822 million in cash,
comprised of an oversubscribed $540 million PIPE and up to $282
million in cash held in trust by Tuscan.
The companies said they expect the deal to be completed in the
second quarter of 2021.
Microvast's Chief Executive Yang Wu will continue to lead the
combined company along with the current management team.
Write to Michael Dabaie at michael.dabaie@wsj.com
(END) Dow Jones Newswires
February 01, 2021 08:02 ET (13:02 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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