Page 3 - Lionel Selwood News Today : Breaking News, Live Updates & Top Stories | Vimarsana

On Monday, 15-year-old battery maker Microvast Inc. made official an expected SPAC sponsorship by Tuscan Holdings Corp. (NASDAQ: THCB) in a deal valued at $3 billion.  Tuscan raised $276 million in a March 2019 initial public offering. It added $540 million from investors including defense contractor and heavy equipment maker Oshkosh Truck Corp. (NYSE: OSK) and Black Rock. The world s largest asset management company frequently purchases private investment in public equity (PIPE) shares. Microvast is focusing on commercial vehicles like port equipment and mining trucks because, as  CEO Yang Wu told Bloomberg, passenger vehicle companies will make their own batteries. One example is General Motors Co. (NYSE: GM), which is building a plant in northeast Ohio for its $2.3 billion joint venture with cell maker LG Chem to assemble Ultium battery packs.

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