Tuscan Holdings Corp. Announces Annual Meeting of Stockholders to be Held April 28, 2021, to Approve Extension Amendment, among other things

• Proxy Materials Mailed to Stockholders of Record as of Close of Business on March 17, 2021

NEW YORK, March 31, 2021 (GLOBE NEWSWIRE) -- Tuscan Holdings Corp. (Nasdaq: THCB) ("Tuscan") today announced that it has mailed proxy materials for the Annual Meeting of the Company’s stockholders to be held on April 28, 2021.  The proxy materials have been mailed to all holders of record as of the close of business on the record date which was set for March 17, 2021.

In addition to the election of one Class I director, Tuscan is asking stockholders to approve an extension proposal that will allow the Company more time to complete its previously announced business combination with Microvast, Inc. ("Microvast").

"Tuscan has filed the preliminary proxy statement for its business combination with Microvast,  but because the proxy statement for the business combination was not finalized and mailed before March 22, 2021, the Merger Agreement provides that the Company must seek stockholder approval of an extension of time to consummate the transaction," stated Stephen Vogel, Chairman and CEO.  "I want to thank our stockholders for their support and patience through this process, and also to remind them that their vote in favor of the  extension proposal is very important, no matter how many shares they own."

Approval of the Extension Amendment Proposal  requires the affirmative vote of stockholders holding at least 65% of the shares of common stock outstanding on the record date. 

You are encouraged to submit your vote as soon as possible to ensure it is represented at the Meeting. Please note that if your shares are held at a brokerage firm or bank, your broker will not vote your shares for you.  You must instruct your bank or broker to cast the vote.  For assistance with voting your shares please contact Advantage Proxy, Inc. toll free at 1-877-870-8565, collect at 1-206-870-8565 or by email to [e-mail].

Contacts

Tuscan Holdings Corp.:
Stephen Vogel
Chairman & CEO
Email: [e-mail]

Stockholders:
Advantage Proxy, Inc.
Toll Free: 877-870-8565
Collect:  866-870-8565
Email:  [e-mail]

Media / Investors:
Ashish Gupta
Investor Relations
Telephone: [phone]
Email: [e-mail]
  
Additional Information and Where to Find It

In connection with the annual meeting of stockholders, Tuscan Holdings Corp., a Delaware corporation (“Tuscan”) filed a definitive proxy statement with the SEC on March 24, 2021 (“Annual Meeting Proxy Statement”). Additionally, in connection with the proposed business combination transaction involving Tuscan and Microvast, Inc. a Delaware corporation (“Microvast”), Tuscan filed a preliminary proxy statement with the SEC on February 16, 2020 and intends to file a definitive proxy statement (collectively, “Merger Proxy Statement”). This document is not a substitute for the Annual Meeting Proxy Statement or Merger Proxy Statement. INVESTORS AND SECURITY HOLDERS AND OTHER INTERESTED PARTIES ARE URGED TO READ THE ANNUAL MEETING PROXY STATEMENT FOR MORE INFORMATION ABOUT THE PROPOSALS TO BE BROUGHT BEFORE THE ANNUAL MEETING, TO READ THE MERGER PROXY STATEMENT FOR MORE INFORMATION ABOUT THE PROPOSED TRANSACTION WITH MICROVAST, AND TO READ ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE. The Annual Meeting Proxy Statement and Merger Proxy Statement and other documents that may be filed with the SEC (when they are available) can be obtained free of charge from the SEC’s website at www.sec.gov. These documents (when they are available) can also be obtained free of charge from Tuscan upon written request to Tuscan at Tuscan Holdings Corp., 135 E. 57th St., 17th Floor, New York, NY 10022.