Battery maker Microvast Inc. will go public via a merger with blank-check company Tuscan Holdings Corp., according to people with knowledge of the matter.
The transaction, expected to be announced as early as Monday, will value the combined company at about $3 billion, said the people, who asked not to be identified because the information is private.
The companies will receive more than $800 million in cash when the deal closes, which includes a $540 million investment led by Oshkosh Corp., BlackRock Inc., Koch Strategic Platforms and InterPrivate, said the people.
Representatives for Stafford, Texas-based Microvast and Tuscan declined to comment.
Special purpose acquisition company Tuscan raised $276 million in March 2019. Led by Chief Executive Officer Stephen Vogel, the firm said it intended to focus on acquisition targets in the cannabis industry, though it may pursue an acquisition in any sector, according to its listing documents.
Microvast, founded in 2006, makes batteries for commercial vehicles such as taxis and buses, as well as specialty transportation including mining trucks and port equipment. CITIC Securities, a Chinese state-owned broker, led a $400 million private funding round in the company in 2017, according to its website.
One of the lead investors in the additional investment raised to support the transaction -- InterPrivate -- has also managed a SPAC. InterPrivate Acquisition Corp. signed a merger agreement with Lidar company Aeva Inc. in November.
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February 01, 2021 at 09:00AM
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Battery Maker Microvast Agrees to Merger With Tuscan SPAC - Bloomberg
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