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.
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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