Tuscan Holdings shareholders voted to extend the SPAC’s deadline until July 31 for completing its pending business combination with Microvast.
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.
Microvast is a global provider of next-generation battery technologies for commercial and specialty vehicles. Read more.
