Tuscan Holdings pushed back the shareholder meeting to July 21 to vote on the SPAC’s proposed merger with EV battery maker Microvast. The meeting was originally scheduled for July 16. No reason was given for the change.
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.
