Tuscan Holdings Corp. Files Revised Preliminary Proxy Statement, Sets Record Date for Stockholders Eligible to Vote on Business Combination

Tuscan Holdings Corp. (Nasdaq: THCB) (“Tuscan Holdings”) announced today that it filed a revised preliminary proxy statement with the U.S. Securities and Exchange Commission (“SEC”) in connection with the proposed business combination with Microvast, Inc., a leading global provider of next-generation battery technologies for commercial and specialty vehicles. The Company set the close of business on June 21, 2021 as the record date for the determination of stockholders eligible to vote at its special meeting of stockholders (the “Special Meeting”). Tuscan Holdings expects the Special Meeting to be held on or about July 16, 2021.

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The consummation of the proposed business combination with Microvast and related items requires approval at the Special Meeting by the affirmative vote of the holders of over 50% of the outstanding Tuscan shares. Only stockholders who hold Tuscan shares on June 21, 2021 will be eligible to vote at the Special Meeting.

The previously announced business combination is expected to provide $822 million of gross proceeds to Microvast. PIPE anchor investors include strategic partner Oshkosh Corporation as well as funds and accounts managed by BlackRock, Koch Strategic Platforms and InterPrivate. Upon the closing of the business combination, the combined company will be named Microvast Holdings, Inc. and is expected to be listed on the Nasdaq Stock Market under the new ticker symbol “MVST.”

The revised preliminary proxy statement is subject to SEC review and stockholders are not required to take any action at this time. Once final, a definitive proxy statement will be mailed together with a proxy card to Tuscan Holdings’ stockholders who hold shares on June 21, 2021. The definitive proxy statement will include the date and time of the Special Meeting.

About Microvast

Microvast, Inc. is a technology innovator that designs, develops and manufactures lithium-ion battery solutions. Founded in 2006 and headquartered in Houston, TX, Microvast is renowned for its cutting-edge cell technology and its vertical integration capabilities which extends from core battery chemistry (cathode, anode, electrolyte, and separator) to battery packs. By integrating the process from raw material to system assembly, Microvast has developed a family of products covering a broad breadth of market applications. More information can be found on the corporate website: www.microvast.com.