Microvast to go public through SPAC merger

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

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.