Shares of Tantech Holdings Ltd (NASDAQ: TANH), a small cap developer and manufacturer of bamboo-based charcoal products, were trading higher by more than 4 percent on Wednesday.
Tantech Holdings reported that it entered into an agreement to acquire Suzhou E Motors Co, a specialty electric vehicles manufacturer.
Tantech Holdings noted it will acquire a 100 percent equity interest in Suzhou E Motors through a combination of cash and restricted shares of its common stock.
"We are excited about the prospect of working with Dr. Henglong Chen, a well-respected EV industry veteran, and his team," commented Mr. Zhengyu Wang, Chairman and Chief Executive Officer of Tantech, "With annual production capacity of approximately 5,000 electric buses and other special purpose EVs, Suzhou E Motors is one of the leaders in commercial and special purpose EVs in Jiangsu Province with proprietary technologies in electric motor, electrical control systems, battery, and assembly."
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