MVST CLASS ACTION NOTICE

Glancy Prongay & Murray LLP Files Securities Fraud Lawsuit Against Microvast Holdings, Inc.

Glancy Prongay & Murray LLP (“GPM”), announces that it has filed a class action lawsuit in the United States District Court for the Southern District of Texas, captioned Schelling v. Microvast Holdings, Inc., et al., Case No. 23-cv-4565, on behalf of persons and entities that purchased or otherwise acquired Microvast Holdings, Inc. (“Microvast” or the “Company”) (NASDAQ: MVST) securities between October 19, 2022 and November 20, 2023, inclusive (the “Class Period”). Plaintiff pursues claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”).

Investors are hereby notified that they have 60 days from the date of this notice to move the Court to serve as lead plaintiff in this action.

If you suffered a loss on your Microvast investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/Microvast-Holdings-Inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [e-mail] or visit our website at www.glancylaw.com to learn more about your rights.

In October 2022, the United States Department of Energy (“DOE”) conditionally selected Microvast for a proposed $200 million grant to help fund a proposed polyaramid separator production facility (the “Grant”). Polyaramid is a high-temperature resistant synthetic polymer, and a polyaramid separator is an insulating film used in high-capacity lithium-ion batteries.

On May 22, 2023, after the market closed, Reuters reported the DOE would not award Microvast the Grant. In a call with congressional staff that evening, the DOE confirmed negotiations with Microvast concerning the Grant had been cancelled. A spokesperson for the DOE stated “[t]he department can confirm that it has elected to cancel negotiations and not to award Microvast funds from this competitive funding opportunity.” The DOE stated it would not comment publicly on why it decided to cancel negotiations with any applicant but did state “the Department of Energy maintains a rigorous review process prior to the release of any awarded funds, and it is not uncommon for entities selected to participate in award negotiations under a DOE competitive funding opportunity to not ultimately receive an award[.]” This news came after months of political fervor over the Company’s alleged ties to China.