Microvast Inc., a maker of electric vehicle battery technology, said Monday it is going public via a merger with special purpose acquisition corporation Tuscan Holdings Corp. in a deal with an implied equity valuation of $3 billion. Upon closing, the combined company will be renamed Microvast Holdings Inc. and will list on Nasdaq under the new ticker symbol “MVST.” The company was founded in 2006 in Houston, Texas, and develops batteries for commercial and specialty vehicles. It’s R&D and production capabilities span battery materials, multiple battery cell chemistries, modules and packs. Its batteries are being used in almost 30,000 vehicles in 160 cities and 19 countries, for a total of more than 3.8 billion miles traveled, the companies said in a statement. The new company will have up to $822 million in cash. The deal is expected to close in the second quarter. Tuscan Holdings shares were halted premarket for the news. SPACs, or blank-check companies, go public without having a business, and then have two years to acquire one or more. They have proved to be highly popular during the pandemic.
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