DEALS
Zhong Lun Advises Microvast in $3 Billion SPAC Deal
Zhong Lun Advises Microvast in $3 Billion SPAC Deal
Microvast, Inc., a leading global provider of next-generation battery technologies for commercial and specialty vehicles (“Microvast") and Tuscan Holdings Corp. (Nasdaq: THCB), a publicly-traded special purpose acquisition company (SPAC) entered into a merger agreement which has been closed recently. As a result, Microvast has become a publicly listed company on Nasdaq (Nasdaq: MVST) (the “Transaction"). Upon closing, the combined company received approximately $822 million in cash, comprised of approximately $282 million in cash held in trust by Tuscan and the proceeds of a $540 million PIPE from leading institutional investors including strategic partner Oshkosh Corporation as well as funds and accounts managed by BlackRock, Koch Strategic Platforms and other major institutional investors.
In this Transaction, Zhong Lun, as the legal counsel of Microvast, was responsible for (i) conducting legal due diligence on PRC subsidiaries of Microvast, (ii) structuring both onshore and offshore institutional investors’ investments in Microvast, (iii) reviewing and drafting relevant transaction documents, and (iv) coordinating with onshore and offshore professional agencies. The team was led by partner Wenyong (Michael) Zhang and key members include senior associate Hao Tu and associate Quan Yuan.
Microvast, founded in Houston in 2006, develops battery technologies for commercial and specialty vehicles, with research and development and production capabilities that span battery materials, multiple battery cell chemistries, modules and packs. Microvast mainly carries out manufacturing and business operation through its PRC subsidiaries.
