HOUSTON–(BUSINESS WIRE)–Jul 26, 2021–
Microvast, Inc. (“Microvast” or the “Firm”), a number one international supplier of next-generation battery applied sciences for business and specialty automobiles, at this time introduced that it has accomplished its beforehand introduced enterprise mixture with Tuscan Holdings Corp. (Nasdaq: THCB) (“Tuscan”). The enterprise mixture was authorised at a particular assembly of stockholders on July 21, 2021, ensuing within the mixed firm being renamed “Microvast Holdings, Inc.”, with its widespread inventory and warrants to start buying and selling on the Nasdaq on July 26, 2021 below the ticker symbols “MVST” and “MVSTW”.
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Upon closing, the mixed firm obtained roughly $822 million in money, comprised of roughly $282 million in money held in belief by Tuscan and the proceeds of a $540 million PIPE from main institutional buyers together with strategic companion Oshkosh Company in addition to funds and accounts managed by BlackRock, Koch Strategic Platforms and InterPrivate Funding Companions. At closing, roughly 99.7% of funds remained in Tuscan’s belief account.
“The proficient Microvast workforce developed our disruptive battery know-how to revolutionize the way in which that we journey and assist advance a greener, extra electrical future,” stated Yang Wu, Microvast’s Founder, CEO, and President. “Changing into a public firm not solely validates the ability of our subsequent technology battery options, which offer our business car operator prospects with accelerated charging occasions, prolonged life cycles, and enhanced security efficiency, but in addition the potential of our alternative in a big and quickly rising business Electrical Car market buoyed by a worldwide shift to electrification. As a public firm, we’re poised to leverage our elevated monetary sources to develop and deploy our battery options in partnership with a set of market-leading prospects internationally. I wish to thank the Microvast workforce for his or her dedication to our continued development as we work to advance the mass adoption of economic electrical automobiles.”
Microvast, based in Houston in 2006, develops disruptive battery applied sciences designed particularly for business electrical automobiles (EVs) that function best-in-class fast-charging capabilities, excessive power density, considerably longer cycle life and confirmed security efficiency. Powered by a proprietary mental property portfolio, Microvast’s battery options are considerably extra secure below warmth than conventional poly-ethylene separators and exhibit improved thermal stability within the battery cell. Extremely modular and vertically built-in, Microvast’s normal battery packs can make the most of all kinds of cell chemistries, offering nice flexibility in car design and functions to the Firm’s broad vary of potential business car prospects, together with mild, medium and heavy-duty vans, vans, buses, trains, automated guided automobiles, port tools and mining vans. Microvast’s batteries are actually built-in in virtually 30,000 automobiles, operating in 160 cities in 19 international locations, for a complete of over 3.8 billion miles traveled on its batteries so far.
Microvast’s know-how is additional validated by marquee buyer partnerships with trade leaders, together with Gaussin, FPT Industrial, Oshkosh Company and a number one German luxurious sports activities automotive firm, amongst others, in addition to R&D partnerships with BMW, america Council for Automotive Analysis and Argonne Nationwide Laboratory. Since first asserting its go-public transaction in February 2021, Microvast has continued to construct important momentum, asserting a joint growth settlement with Oshkosh Company; increasing into the French e-bus market because the battery provider for the full-electric bus, hybrid bus and retrofit bus for French bus producer SAFRA; and asserting a strategic partnership with Gaussin to combine Microvast’s batteries into Gaussin’s electrical and hydrogen powered skateboard platforms. Olaf Scholz, German Vice-Chancellor & Federal Minister of Finance, additional acknowledged Microvast’s modern strategy to subsequent technology battery applied sciences at an onsite go to to the Firm’s EMEA headquarters in June 2021.
“Mr. Wu and his workforce have leveraged their modern set of electrical battery options to construct an organization that’s making important progress on its long-term development plans, securing strategic partnerships and collaborations with key trade gamers because it targets a quickly growing business EV complete addressable market of $30 billion,” commented Stephen Vogel, Chairman and CEO of Tuscan.
“The Microvast administration workforce has demonstrated its dedication to positioning the corporate to capitalize on its many alternatives forward. We sit up for their continued success as a public firm,” added Ahmed Fattouh, Chairman and CEO of InterPrivate, an anchor investor within the transaction.
Microvast’s Founder and Chief Government Officer, Mr. Wu, will proceed to guide the mixed firm together with the present administration workforce. Mr. Vogel, Tuscan’s Chairman and CEO, will stay as a director of the mixed firm and will probably be joined by Dr. M. Stanley Whittingham, who was just lately awarded the Nobel Prize in Chemistry for his ground-breaking work on lithium-ion batteries.
Microvast, Inc. is a know-how innovator that designs, develops and manufactures lithium-ion battery options. Based in 2006 and headquartered in Houston, TX, Microvast is famend for its cutting-edge cell know-how and its vertical integration capabilities which extends from core battery chemistry (cathode, anode, electrolyte, and separator) to battery packs. By integrating the method from uncooked materials to system meeting, Microvast has developed a household of merchandise overlaying a broad breadth of market functions. Extra info might be discovered on the company web site: www.microvast.com.
Tuscan Holdings Corp. is a clean test firm whose enterprise function is to impact a merger, capital inventory change, asset acquisition, inventory buy, reorganization or related enterprise mixture with a number of companies. Tuscan’s administration workforce is led by Stephen Vogel, Chairman and Chief Government Officer. Tuscan is listed on Nasdaq below the ticker image “THCB.”
InterPrivate Capital is a personal funding agency that invests on behalf of a consortium of household workplaces. The agency’s distinctive unbiased co-sponsor construction offers its buyers with the deep sector experience and transaction execution capabilities of veteran deal-makers from the world’s main personal fairness and enterprise capital companies. Associates of InterPrivate Capital act as sponsors, co-sponsors and advisors of SPACs, and handle quite a few funding automobiles on behalf of its household workplace co-investors that take part in personal and public alternatives, together with PIPE investments in assist of the agency’s sponsored enterprise combos. For extra info concerning InterPrivate Capital, please go to www.interprivate.com. For extra info concerning InterPrivate’s SPAC technique, please go to www.ipvspac.com.
Cautionary Assertion Relating to Ahead-Wanting Statements
This communication incorporates “forward-looking statements” inside the that means of the Personal Securities Litigation Reform Act of 1995. Such statements embrace, however should not restricted to, statements about future monetary and working outcomes, our plans, aims, expectations and intentions with respect to future operations, services; and different statements recognized by phrases akin to “will doubtless end result,” “are anticipated to,” “will proceed,” “is anticipated,” “estimated,” “imagine,” “intend,” “plan,” “projection,” “outlook” or phrases of comparable that means. These forward-looking statements embrace, however should not restricted to, statements concerning Microvast’s trade and market sizes, future alternatives for Microvast and the mixed firm and Microvast’s estimated future outcomes. Such forward-looking statements are based mostly upon the present beliefs and expectations of our administration and are inherently topic to important enterprise, financial and aggressive uncertainties and contingencies, a lot of that are tough to foretell and usually past our management. Precise outcomes and the timing of occasions could differ materially from the outcomes anticipated in these forward-looking statements.
Along with elements recognized elsewhere on this communication, the next elements, amongst others, may trigger precise outcomes and the timing of occasions to vary materially from the anticipated outcomes or different expectations expressed within the forward-looking statements: (1) a delay or failure to understand the anticipated advantages from the enterprise mixture; (2) the affect of the continuing COVID-19 pandemic; (3) adjustments within the extremely aggressive market through which Microvast competes, together with with respect to its aggressive panorama, know-how evolution or regulatory adjustments; (4) adjustments within the markets that Microvast targets; (5) threat that Microvast could not be capable of execute its development methods or obtain profitability; (6) the danger that Microvast is unable to safe or defend its mental property; (7) the danger that Microvast’s prospects or third-party suppliers are unable to fulfill their obligations totally or in a well timed method; (8) the danger that Microvast’s prospects will modify, cancel, or droop their orders for Microvast’s merchandise; (9) the danger that Microvast might want to increase further capital to execute its marketing strategy, which might not be out there on acceptable phrases or in any respect; (10) the danger of product legal responsibility or regulatory lawsuits or proceedings referring to Microvast’s services or products; (11) the danger that Microvast could not be capable of develop and keep efficient inner controls; (12) the result of any authorized proceedings which may be instituted in opposition to Microvast or any of its administrators or officers; and (13) dangers of operations within the Individuals’s Republic of China.
Precise outcomes, efficiency or achievements could differ materially, and probably adversely, from any projections and forward-looking statements and the assumptions on which these forward-looking statements are based mostly. There might be no assurance that the info contained herein is reflective of future efficiency to any diploma. You might be cautioned to not place undue reliance on forward-looking statements as a predictor of future efficiency as projected monetary info and different info are based mostly on estimates and assumptions which can be inherently topic to numerous important dangers, uncertainties and different elements, a lot of that are past our management. All info set forth herein speaks solely as of the date hereof within the case of details about Microvast or the date of such info within the case of knowledge from individuals aside from Microvast, and we disclaim any intention or obligation to replace any forward-looking statements on account of developments occurring after the date of this communication. Forecasts and estimates concerning Microvast’s trade and finish markets are based mostly on sources we imagine to be dependable, nonetheless there might be no assurance these forecasts and estimates will show correct in entire or partially. Annualized, professional forma, projected and estimated numbers are used for illustrative function solely, should not forecasts and will not mirror precise outcomes.
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CONTACT: Microvast Investor Relations
(346) 309-2562Microvast Public Relations
email@example.comTuscan Holdings Corp.
Investor Relations, ICR
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SOURCE: Microvast, Inc.
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PUB: 07/26/2021 07:00 AM/DISC: 07/26/2021 07:02 AM