Tuscan Holdings (THCB) stock has gained 7.22% in the pre-market session on Thursday, April 29, 2021. Yesterday THCB shares lost 5.74% to close at $11.49 per share.
Tuscan Annual Meeting adjourned
On April 28, 2021, Tuscan Holdings Corp. adjourns the Annual Meeting to allow more time for stockholders to vote their shares to approve the proposal to extend the date by which Tuscan must complete its initial business combination, from April 30, 2021, to July 31, 2021.
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The Annual Meeting has been postponed until May 10, 2021, at 10:00 a.m. Eastern time.
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Microvast merger with SPAC Tuscan Holdings
On February 1, 2021, Microvast Inc announced that it going to merge with Tuscan Holdings in a deal valued at $3 billion. The combined company will be renamed Microvast Holdings Inc. and will list on Nasdaq under the new ticker symbol MVST.
Microvastwas founded in 2006 in Houston, Texas, and develops batteries for commercial and specialty vehicles.
Tuscan Holdings facing legal battles
Tuscan Holdings facing lawsuits and class actions from several law firms on the merger announcement with Microvast.
On February 19, 2021, Levi &Korsinsky, LLP commenced an investigation into the fairness of the merger of Tuscan with Microvast, Inc. as per the merger announcement, Tuscan shareholders will retain ownership of only 9% of the combined company.
Brodsky & Smith, LLC also informed investors about its investigation in the same matter described above.
About the company
Tuscan Holdings Corp is incorporated in the state of Delaware. Tuscan Holdings Corp deals in the business of miscellaneous electrical machinery, equipment & supplies.
Conclusion
Well, there is no recent development except adjourning of the annual meeting which should not be the reason behind its surging.