THCB stock up 11% after USPS awarded 10-year contract to Oshkosh

It is a news all THCB stock holders needed following most recent market-wide selloff.

But how is Tuscan Holdings connected with Oshkosh and why is stock price going up all of a sudden?

If you followed recent announcements from Microvast, which is going public via blank check company Tuscan Holdings Corp., you probably know that Microvast signed a deal with Oshkosh to work together on the development and integration of next-generation battery technologies.

Microvast is a battery provider and Oshkosh needs batteries for both USPS contract, awarded today, and Oshkosh’s future electrification projects. The Microvast-SPAC merger deal will see the electric vehicle battery producer receive $822 million in cash, including a $540 million PIPE from a number of institutional investors including Oshkosh Corporation.

So, there you have it, this is why THCB stock is up on Tuesday, one hour before the closing bell.