Microvast Holdings, Inc. (NASDAQ: MVST) is a lithium-ion battery technology company which designs, develops, and manufactures battery components and systems, primarily for electric commercial vehicles and utility-scale energy storage systems. The Company is headquartered in Texas and maintains a subsidiary in China.

Microvast Holdings, Inc. was formed following the July, 2021 merger of Tuscan Holdings Corp., a special purpose acquisition company, and Microvast, Inc.

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

An underlying securities class action complaint alleges that Microvast, via certain of its officers and directors, made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, the Complaint alleges Defendants failed to disclose to investors: (1) that there was a reasonable likelihood that Microvast would not be awarded the Grant after due diligence was performed; (2) that negotiations had ceased and the Grant rescinded; (3) that the Company misrepresented the nature and profitability of its businesses and partnerships; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Current Microvast shareholders who have held Microvast shares since prior to October 19, 2022, can seek corporate reforms, the return of funds spent defending litigation back to the company, and a court approved incentive award, at no cost to them.

If you would like to learn more about this matter, you are encouraged to contact us at [email protected], or call 267-507-6085.