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EV battery maker Microvast to go public through SPAC merger

(Reuters) - Electric-vehicle battery maker Microvast has agreed to go public through a merger with Tuscan Holdings Corp THCB.O, the blank-check company said here on Friday.

Microvast, whose batteries powered the electric buses used in the 2018 Winter Olympic Games in Pyeongchang, South Korea, expects to generate more than $100 million in revenue this financial year, its founder Yang Wu said in a statement.

The financial details of the deal were not disclosed.

A blank-check firm, also known as a special purpose acquisition company (SPAC), uses proceeds from an initial public offering to buy a private company, typically within two years. The private company is then taken public.

SPACs have been behind some major listings this year, with electric-car maker Fisker FSR.N and Nikola Corp NKLA.O choosing the route to go public.

Microvast was founded in 2006 and is headquartered in Texas. Tuscan raised $240 million in its initial public offering last year. (bwnews.pr/3plj0Kf)

Reporting by Niket Nishant and Noor Zainab Hussain in Bengaluru; Editing by Aditya Soni

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