- People who asked not to identified because the talks are private also said that Tuscan, a special purpose acquisition company, or SPAC, is seeking to raise about $200 million in new equity to fund the transaction
- As per the report, the people said that negotiations could be delayed or fall apart and the terms could still change
As per a report by Bloomberg, Microvast, a maker of electric batteries, is in advanced talks to go public through a merger with the blank-check company Tuscan Holdings Corp as per the people with knowledge of the matter. The report added that the people who asked not to identified because the talks are private also said that Tuscan, a special purpose acquisition company, or SPAC, is seeking to raise about $200 million in new equity to fund the transaction. They also said that the transaction will value the combined entity at about $2 billion or higher.
Manufacturing centre in Huzhou
As per the report, the people said that negotiations could be delayed or fall apart and the terms could still change. Representatives for Tuscan and Microvast didn’t immediately respond to requests for comment added the report.
Microvast operates a manufacturing centre in Huzhou, China. Its batteries have been used to power electric buses in cities including Shanghai and Auckland. The company names CITIC Securities and CDH Investments among its investors. The report added that earlier this year, Microvast said it was awarded a contract by the U.S. Advanced Battery Consortium to develop low-cost and fast-charge batteries for electric vehicle applications.
