Tuscan Holdings in a statement pressed its stockholders to vote in favor of extending the SPAC’s merger deadline to July 31 from April 30. Approval would give the SPAC more time to complete its business combination with Microvast.
The vote is set for April 28.
Microvast is a global provider of battery technologies for commercial and specialty vehicles.
Announced in February, the transaction provides up to $822 million in gross cash proceeds to the combined company, including $282 million in cash held by Tuscan in trust, assuming no redemptions, and an oversubscribed $540 million fully-committed common stock PIPE at $10 per share. Read more.
