THCB - SPAC Tuscan Holdings drops after extending time to complete Microvast deal

SPAC Tuscan Holdings (THCB) fell 6.3% in premarket trading after dropping almost 5% yesterday as the company announced last night that shareholders agreed to extend date to complete Microvast deal to July 31 from April 30.The shares might also be weaker as electric vehicle stocks fall again amid a tech selloff and with investors showing more anxiety over growing pains in China.In early February, Microvast and Tuscan Holdings announced they entered into a merger agreement .The SEC threw the SPAC market into turmoil last month when it issued guidance on how special purpose acquisition companies should account for the warrants that they typically issue as part of initial public offerings.Another SPAC Stable Road Acquisition (SRAC), which is taking Momentus Inc. public, is asking its holders to extend deadline to Aug. 13 from May 13.

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SPAC Tuscan Holdings drops after extending time to complete Microvast deal