Why Tuscan Holdings SPAC Jumped 45% Today

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Shares of special purpose acquisition company (SPAC) Tuscan Holdings (NASDAQ: THCB) soared more than 45% on Monday after the company announced it plans to merge with electric vehicle (EV) battery maker Microvast. Shares had settled back to a gain of 34% as of 1:35 p.m. EST. 

Microvast and Tuscan expect the merger transaction to close in the second quarter of 2021, giving the newly public company an equity value of $2.1 billion. Microvast’s technology is currently being utilized in almost 30,000 vehicles globally, and the company reported over $100 million in 2020 revenue. 

Image source: Getty Images.

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