Microvast’s $3 Billion SPAC Deal

Zhong Lun advised Microvast in the deal.

Microvast, Inc. and Tuscan Holdings Corp., a publicly-traded special purpose acquisition company (SPAC) entered into a merger agreement which has been closed recently.  
As a result, Microvast has become a publicly listed company in Nasdaq.  Upon closing, the combined company received approximately $822 million in cash, comprised of approximately $282 million in cash held in trust by Tuscan and the proceeds of a $540 million PIPE from leading institutional investors including strategic partner Oshkosh Corporation as well as funds and accounts managed by BlackRock, Koch Strategic Platforms and other major institutional investors.

Microvast, Inc. is a leading global provider of next-generation battery technologies for commercial and specialty vehicles.

The Zhong Lun team included partner Wenyong (Michael) Zhang (Picture), senior associate Hao Tu and associate Quan Yuan.

Involved fees earner: Hao Tu – Zhong Lun Law Firm; Quan Yuan – Zhong Lun Law Firm; Wenyong Zhang – Zhong Lun Law Firm;

Law Firms: Zhong Lun Law Firm;

Clients: Microvast Power System Co., Ltd.;

Author: Sonia Carcano