NEW YORK, Nov. 13, 2020 /PRNewswire/ -- Tuscan Holdings
Corp. (Nasdaq: THCB) ("Tuscan") today confirmed that it has signed
a letter of intent ("LOI") related to a business combination with
Microvast Inc., a market leading provider of next-generation
battery technologies for commercial and specialty use electric
vehicles ("Microvast" or the "Company").
Founded by Yang Wu in 2006,
Microvast is focused on driving mass adoption EVs and its battery
technology boasts best-in-class charging speed, battery life,
energy density and safety performance. The Company has been an
innovative industry leader for over a decade and has clear
visibility to future growth from its existing pipeline across
commercial markets including e-buses, vans, trucks, passenger
vehicles, automated guided vehicles, forklifts and mining trucks.
Microvast is a vertically integrated battery technology
company with R&D and production capabilities that span cell
chemistries, materials, cells, modules and packs. In
addition, Microvast has an industry leading manufacturing price
point for batteries with ongoing further improvements in
development.
Tuscan also announced that in connection with the intended
transaction with Microvast, Ahmed
Fattouh and Brian Pham of
InterPrivate Capital are acting as Senior Advisors to Tuscan. Mr.
Fattouh and Mr. Pham, who have prior experience in automotive
technology as SPAC sponsors, will continue to advise the Tuscan
team through the business combination.
"Microvast has a compelling financial profile, with significant
historical revenues as well as projected growth and profitability.
With its battery technology installed in over 28,000 vehicles
worldwide, an impressive, growing list of global OEM
customers, and a strategic partnership with Fiat Power Train
Industrial, Microvast is a proven technology leader driving the
mass adoption of EVs. We are excited to partner with Mr. Wu
and his experienced team and believe the valuation negotiated
provides long term intrinsic value to Tuscan shareholders. We
look forward to supporting Microvast in its next phase of growth as
a public company," said Stephen
Vogel, Chairman and CEO of Tuscan.
Yang Wu, Microvast's founder,
Chairman and CEO added: "Our potential transition into a public
company will help continue to fuel our design and development of
market-leading ultra-fast charging, long-life battery power
systems. Microvast expects to generate over $100 million of revenue this financial year. With
the automotive technology experience and capital this transaction
with Tuscan is intended to provide, we are confident we can build
upon our established success and accelerate our growth in the
electric vehicle battery industry."
Completion of the transaction is subject to, among other things,
the execution of a definitive agreement, approval by the two
companies' boards, satisfaction of customary closing conditions and
approval of the transaction by each company's shareholders.
Accordingly, there can be no assurance that a definitive agreement
will be entered into or that the proposed transaction will be
consummated on the terms currently contemplated or at all.
Additional Information and Where to Find It
Additional information regarding Microvast can be found on the
Company's website www.microvast.com
If a legally binding definitive agreement is entered into, a
full description of the terms of the transaction will be provided
in a registration statement and/or a proxy statement of Tuscan (the
"Transaction Proxy Statement"), to be filed with the U.S.
Securities and Exchange Commission (the "SEC"). Tuscan urges
investors, stockholders and other interested persons to read, when
available, the preliminary Transaction Proxy Statement as well as
other documents filed with the SEC because these documents will
contain important information about Tuscan, Microvast and the
transaction.
Investors and security holders of Tuscan are advised to read,
when available, the preliminary Transaction Proxy Statement and
definitive Transaction Proxy Statement, and any amendments thereto,
because these documents will contain important information about
proposed transaction. The definitive Transaction Proxy Statement
will be mailed to Tuscan's stockholders of record as of a record
date to be established for the special meeting of stockholders
relating to the proposed transaction. Stockholders will also be
able to obtain copies of the Transaction Proxy Statement, without
charge, once available, at the SEC's website at www.sec.gov or by
directing a request to: Tuscan Holdings, Corp., 135 E. 57th
St., 17th Floor, New York, NY
10022.
Forward Looking Statements
Certain statements made in this release are "forward looking
statements" within the meaning of the "safe harbor" provisions of
the United States Private Securities Litigation Reform Act of 1995.
When used in this release, the words "estimates," "projected,"
"expects," "anticipates," "forecasts," "plans," "intends,"
"believes," "seeks," "may," "will," "should," "future," "propose"
and variations of these words or similar expressions (or the
negative versions of such words or expressions) are intended to
identify forward-looking statements. These forward-looking
statements are not guarantees of future performance, conditions or
results, and involve a number of known and unknown risks,
uncertainties, assumptions and other important factors, many of
which are outside Tuscan's control, that could cause actual results
or outcomes to differ materially from those discussed in the
forward-looking statements. Important factors, among others, that
may affect actual results or outcomes include: the inability of
Tuscan to enter into a definitive agreement with respect to the
proposed business combination with Microvast or to complete the
contemplated transaction; matters discovered by Tuscan or Microvast
as they complete their respective due diligence investigation of
the other; the impact of COVID-19 on Tuscan or Microvast; the risk
that the approval of the stockholders of Tuscan for the potential
transaction is not obtained; the inability to recognize the
anticipated benefits of the proposed business combination, which
may be affected by, among other things, the amount of funds
available in Tuscan's trust account following any redemptions by
Tuscan stockholders; the ability to meet Nasdaq's listing
requirements following the consummation of the transaction; costs
related to the proposed transaction; and those factors discussed in
Tuscan's prospectus relating to its initial public offering filed
with the SEC. Tuscan does not undertake any obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
law.
Participants in the Solicitation
Tuscan and its directors and executive officers may be
considered participants in the solicitation of proxies with respect
to the potential transaction described herein under the rules of
the SEC. Information about the directors and executive officers of
Tuscan and a description of their interests in Tuscan will be set
forth in the Transaction Proxy Statement when it is filed with the
SEC. These documents can be obtained free of charge from the
sources indicated above.
Non-Solicitation
The disclosure herein is not a proxy statement or solicitation
of a proxy, consent or authorization with respect to any securities
or in respect of the potential transaction and shall not constitute
an offer to sell or a solicitation of an offer to buy the
securities of Tuscan, nor shall there be any sale of any such
securities in any state or jurisdiction in which such offer,
solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of such state or
jurisdiction. No offer of securities shall be made except by means
of a definitive document.
Contacts
Tuscan Holdings Corp.:
Stephen Vogel
Chairman & CEO
Email: stephen@vpllp.com
Media / Investors:
Ashish Gupta
Investor Relations
Telephone: 646-677-1875
Email: Ashish.Gupta@icrinc.com
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SOURCE Tuscan Holdings Corp.