Battery manufacturer Microvast Inc. will become public through a merger with an uncompleted verification company Tuscan Holdings Corp., according to some people with knowledge about this issue.
The transaction, expected to be announced on Monday, will value the combined company at about $ 3 billion, said people, who asked not to be identified because the information is private.
Companies will receive more than $ 800 million in cash at the conclusion of the transaction, which includes a $ 540 million investment led by Oshkosh Corp., BlackRock Inc., Koch Strategic Platforms and InterPrivate, people said.
Representatives for Stafford, Microvast of Texas and Tuscany declined to comment.
Tuscan Special Purchasing Company raised $ 276 million in March 2019. Led by CEO Stephen Vogel, the company said it intends to focus on cannabis acquisition targets, although it could pursue a purchase in any sector, according to its listing documents. .
Microvast, founded in 2006, produces batteries for commercial vehicles such as taxis and buses, as well as specialist transport, including mining trucks and port equipment. CITIC Securities, a Chinese state-owned broker, led a $ 400 million round of private financing in the company in 2017, according to website.
One of the main investors in the additional investments raised to support the transaction – InterPrivate – also managed a SPAC. InterPrivate Acquisition Corp. signed a merger agreement with Lidar Aeva Inc. in November.