Tuscan Holdings stockholders today approved the SPAc’s business combination with battery maker Microvast. The deal has a post-transaction equity value of approximately $3 billion.
The deal is expected to close July 23. Microvast will trade on the Nasdaq under MVST.
The transaction is expected to provide $822 million of gross proceeds to Microvast. The $540 million PIPE anchor investors include strategic partner Oshkosh Corporation as well as funds and accounts managed by BlackRock, Koch Strategic Platforms and InterPrivate. The remaining funds will come from the SPAC’s $282 million in trust, less any redemptions.
The SPAC did not reveal vote tallies or redemptions, if any, but said in a press release it will file an 8-K outlining the results. Read more.