The shares of THCB will be used by a Lithium-ion battery company called Microvast, which will use it to plan a reverse merger. This entails that THCB will be used as a SPAC- Special Purpose Acquisition Company. The market has already seen quite a momentum surge with QuantumScape Corporation rising through the ranks.
Tuscan Holdings (THCB) is still a SPAC
Something that is needed to be kept in memory is that QuantumScape did already reverse-merge into another SPAC Kensington Capital to turn itself into QS. Microvast, on the other hand, is still an extremely private company that is going to merge into THCB. Once they start trading publicly, more and more details regarding the company will become visible. Before the reverse merger, a filing of S-1 about the company should be available to the market. And while we wait for it to become public, we would not have much choice but to speculate on the financials of THCB.
What is Known About Microvast?
Microvast is quite a spearhead in the EV business- and has been so for the last decade. According to the official website, the ultra-fast charging system of the company has been in use in China since 2011. According to a report from this year, there are close to 40,000 EVs using the power of Microvast battery systems, which have been operating in around 170 cities.
THCB Opportunistic Pullback Levels
Considering the stocks of THCB are quite volatile, rifle charts should be used every day, to bring out a short-term perspective which only the highest-risk tolerant investors might think about getting into. The moving average over a 5-period is set at $14.88, which is surely going to test the mini pup strength. If that fails, then they could also create a channel that would be possible near the Fibonacci level of $12.85. The rifle chart of 60-minute led to an MSL that had a buy trigger over $12.25.