Tuscan Holdings yesterday adjourned its shareholders meeting until May 10 when the SPAC’s owners will be asked to extend its merger deadline to July 31. The original deadline was this Friday. The announcement was made in an 8-K filing.
The SPAC is in a pending merger agreement with Microvast, a global provider of next-generation battery technologies for commercial and specialty vehicles.
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. Read more.
