BLK BlackRock Inc

By Michael Dabaie

Microvast Inc., an EV battery technologies company, will become publicly listed through a merger with blank check company Tuscan Holdings Corp.

The combined company will be named Microvast Holdings Inc. and is expected to be listed on the Nasdaq under the new ticker symbol MVST.

Tuscan Holdings shares rose 51% to $23.69 in premarket trading.

Microvast, founded in Houston in 2006, develops battery technologies for commercial and specialty vehicles.

The transaction reflects an implied equity value for the combined company of $3 billion, based on current assumptions, with a $10 a share private-investment-in-public-equity subscription price.

The transaction is supported by strategic partner Oshkosh Corp., as well as funds and accounts managed by BlackRock, Koch Strategic Platforms and InterPrivate Investment Partners.

The combined company will receive up to $822 million in cash, comprised of an oversubscribed $540 million PIPE and up to $282 million in cash held in trust by Tuscan.

The companies said they expect the deal to be completed in the second quarter of 2021.

Microvast's Chief Executive Yang Wu will continue to lead the combined company along with the current management team.

Write to Michael Dabaie at michael.dabaie@wsj.com

(END) Dow Jones Newswires

February 01, 2021 08:02 ET (13:02 GMT)

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