What Happened to Microvast Holdings?
Ticker: MVSTSPAC Year: 2021Merger: 2021
Return
-91.0%
Current Price
$0.9
Peak Price
$23
Trust Size
$300M
Summary
Chinese-American battery maker went public at $3B valuation. Hindenburg Research short report alleged fraud and insider enrichment. Stock crashed 91%.
What Happened
Microvast merged with Tuscan Holdings in July 2021. The company makes lithium-ion batteries for commercial vehicles in China. Hindenburg Research published a devastating short report alleging that the company misrepresented its technology and customer relationships. The SEC opened an investigation. Revenue grew but far below projections, and the stock crashed from $23 to under $1.
Key People
Timeline
2021-02
SPAC merger announced
2021-07
Merger completed
2021-11
Hindenburg short report
2022-03
SEC investigation opened
2024-01
Stock under $1