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Microvast Holdings, Inc. (NASDAQ:MVST) ("Microvast" or the "Company"), a technology innovator that designs, develops, and manufactures lithium-ion battery solutions, has completed the initial $12 million draw of a $25 million secured debt facility provided by Yang Wu, its Founder, Chairman and Chief Executive Officer (the "Facility"). The draw will primarily provide working capital to continue the Company's U.S. operations.
Since 2006, Microvast has had a mission to bring cleaner and more efficient ways to power the world. It is in our very name, that advancements in even small, "micro" battery components can have long-term, large-scale, "vast" positive impact to our environment. In this time, we've successfully grown our business in the APAC and EMEA regions with near-term visibility towards breakeven. We are an American company and intend to work towards building the same success here in the United States, where our technology leadership is needed to create sustainable solutions.
Posted In: MVST
