Tuscan Holdings said it filed a revised preliminary proxy and set a July 16 meeting date for shareholders to vote on its proposed merger with EV battery maker Microvast.
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.
If approved, the combined company will be named Microvast Holdings and will list on the Nasdaq under MVST. Read more.
