Tuscan Holdings Corp. signed a letter of intent related to a business combination with Microvast Inc., a market leading provider of next-generation battery technologies for commercial and specialty use electric vehicles. Founded by Yang Wu in 2006, Microvast is focused on driving mass adoption EVs and its battery technology boasts best-in-class charging speed, battery life, energy density and safety performance. The Company has been an innovative industry leader for over a decade and has clear visibility to future growth from its existing pipeline across commercial markets including e-buses, vans, trucks, passenger vehicles, automated guided vehicles, forklifts and mining trucks. Microvast is a vertically integrated battery technology company with R&D and production capabilities that span cell chemistries, materials, cells, modules and packs. In addition, Microvast has an industry leading manufacturing price point for batteries with ongoing further improvements in development.