|Bid||0.00 x 1000|
|Ask||0.00 x 800|
|Day's Range||14.00 - 16.50|
|52 Week Range||9.75 - 17.13|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
Tuscan Holdings Corp. (Nasdaq: THCB) ("Tuscan") today confirmed that it has signed a letter of intent ("LOI") related to a business combination with Microvast Inc., a market leading provider of next-generation battery technologies for commercial and specialty use electric vehicles ("Microvast" or the "Company").
Texas-headquartered electric battery maker Microvast Inc's merger talks with the blank check company Tuscan Holdings Corp (NASDAQ: THCB) has progressed to advanced levels, Bloomberg reports.What Happened: The Special Purpose Acquisition Company (SPAC) will fund the merger by raising $200 million from new equity issues, Bloomberg's sources suggested. Reportedly, the merger would create a new entity with a total valuation exceeding $2 billion.Since its inception in 2006, Microvast has raised $450 million from two funding rounds. Chinese investment bank CITIC Securities Co. Ltd (OTC: CIIHF) is the lead investor. Microvast's recent investors include the National Venture Capital Association (NVCA) and Chinese alternative asset management firm CDH Investments, as per Crunchbase.Tuscan disclosed in a filing with the U.S. Securities and Exchange Commission in March 2019 that the initial focus was to spot acquisition targets from the Cannabis industry. However, it was also open to considering potential targets from other sectors and geographies.Why Does It Matter: The battery maker tops the leaderboard in designing and manufacturing batteries for electric buses, with a long shelf life and ultra-fast charging capabilities, according to Electrek. Microvast batteries are used in electric buses in Shangai and Auckland, including the winter Olympic games of 2018 in South Korea, Bloomberg noted.The battery maker completed building a production facility in Ludwigsfelde, Germany in July, Inas reported by Electrive. Operations in this facility are expected to commence in March 2021.Ludwigsfelde is close to Brandenburg -- a state that is attracting electric carmakers and battery producers alike. Tesla Inc's (NASDAQ: TSLA) is building a technologically advanced and high-volume production unit. Whereas, the German multinational company BASF SE (OTC: BASFY) is also setting up a production site to make battery materials, as per Reuters.Price Action: On Wednesday, Tuscan shares closed marginally higher at $10.18.See more from Benzinga * Click here for options trades from Benzinga * Sternlicht-Backed SPAC Jaws' .4B Merger Deal With Cano Health Could Be Announced Today: WSJ * As Stock Plunges, Beyond Meat CEO Says Relationship With McDonald's 'Very Strong'(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
(Bloomberg) -- Microvast, a maker of electric batteries, is in advanced talks to go public through a merger with the blank-check company Tuscan Holdings Corp., according to people with knowledge of the matter.Tuscan, a special purpose acquisition company, or SPAC, is seeking to raise about $200 million in new equity to fund the transaction, said the people, who asked not to identified because the talks are private. The transaction would value the combined entity at about $2 billion or higher, the people said.Negotiations could be delayed or fall apart and the terms could still change, the people said. Representatives for Tuscan and Microvast didn’t immediately respond to requests for comment.Founded in 2006, Stafford, Texas-based Microvast operates a manufacturing center in Huzhou, China. Its batteries have been used to power electric buses in cities including Shanghai and Auckland as well as during the 2018 Winter Olympic Games in Pyeongchang, South Korea, according to its website. The company counts CITIC Securities and CDH Investments among its investors.Earlier this year, Microvast said it was awarded a contract by the U.S. Advanced Battery Consortium to develop low-cost and fast-charge batteries for electric vehicle applications.“Programs like this are critical to advancing the technology needed to meet both near- and long-term goals that will enable broader scale vehicle electrification,” Steve Zimmer, executive director of the U.S. Council for Automotive Research, USABC’s parent, said in a statement at the time.Tuscan, led by Chief Executive Officer Stephen A. Vogel and President and Chief Financial Officer Ruth Epstein, raised $276 million in March 2019 and said it would initially focus on finding a target in the cannabis industry, but added that it wouldn’t be limited to any particular industry or geographic region.(Updates to add more information on the deal in second paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.