Microvast merger with Tuscan
Davis Polk is advising Morgan Stanley & Co. LLC as lead financial adviser and sole placement agent to Tuscan Holdings Corp., a special purpose acquisition company (SPAC), in connection with its proposed business combination with Microvast Inc. and related private placement of common stock, which would result in Microvast becoming a publicly listed company. Upon closing of the transaction, the combined company will be named Microvast Holdings, Inc. and is expected to remain listed on the Nasdaq Stock Market and trade under the new ticker symbol “MVST.” The transaction is expected to be completed in the second quarter of 2021, subject to customary closing conditions.
Microvast, founded in Houston in 2006, develops disruptive battery technologies for commercial and specialty vehicles, with research and development and production capabilities that span battery materials, multiple battery cell chemistries, modules and packs. Microvast’s lower-cost batteries are designed specifically for commercial electric vehicles that feature best-in-class fast-charging capabilities, high energy density, significantly longer cycle life and proven safety performance. Microvast’s batteries are now integrated in almost 30,000 vehicles, running in 160 cities in 19 countries, for a total of over 3.8 billion miles traveled on its batteries to date.
The Davis Polk corporate team includes partner Richard D. Truesdell Jr. and associates Andrew Rowe and Stephen A. Byeff. Members of the Davis Polk team are based in the New York and London offices.