Stock Alert: Tuscan Holdings Rises 15%

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(RTTNews) – Shares of Tuscan Holdings Corp. (THCB) are gaining over 15% on Friday morning.

THCB is currently trading at $13.28, up $1.80 or 15.68%, on the Nasdaq.

Electric batteries-maker Microvast is reportedly in advanced talks to go public through a merger with Tuscan Holdings, a special purpose acquisition company, or SPAC.

Tuscan is seeking to raise about $200 million in new equity to fund the transaction, according to reports. The combined entity would be valued about $2 billion or higher.

Early this month, Tuscan confirmed that it has signed a letter of intent merge with Microvast.

Bastion Balance Seoul, Korea.