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Microvast Statement on Status Under Holding Foreign Companies Accountable Act | Business

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STAFFORD, Texas–(Enterprise WIRE)–Apr 15, 2022–

Microvast Holdings, Inc. (NASDAQ: MVST) (“Microvast” or the “Company”) confirmed today that on April 12, 2022, the Securities and Exchange Commission (the “SEC”) provisionally detailed the Company as a “Commission-Identified Issuer,” which is a company that uses an auditor not subject matter to Public Firm Accounting Oversight Board (“PCAOB”) inspection pursuant to the Holding International Providers Accountable Act (the “HFCAA”).

This identification was anticipated by the Business as a program application of the HFCAA following the Company’s filing of its annual report on Type 10-K with the SEC on March 29, 2022 (the “2021 Yearly Report”).

The HFCAA is portion of a ongoing United States regulatory aim on accessibility to audit and other information at present safeguarded by laws in jurisdictions outside of the United States (in individual, China). The HFCAA necessitates the SEC to prohibit the securities of any “Commission-Identified Issuer,” like the Corporation, from becoming traded on any of the U.S. securities exchanges if the auditor of the covered issuer’s fiscal statements is not matter to inspection by the PCAOB for three consecutive yrs, beginning in 2021.

Below the current terms of the HFCAA, the Company’s popular stock and warrants will be delisted from the Nasdaq World-wide Decide on Current market in early 2024, until (i) the HFCAA is amended, (ii) the PCAOB is capable to conduct a full inspection of the Company’s present-day auditor in the course of the required timeframe or (iii) the Business is equipped to engage an independent public accounting agency that satisfies the PCAOB inspection prerequisites prior to filing its yearly report on Type 10-K for the period of time ending December 31, 2023. In addition, laws is remaining deemed in the United States to shorten the amount of non-inspection years from 3 yrs to two.

The Firm will proceed to check developments and will go on to consider offered possibilities for complete compliance with the HFCAA inside the requisite timeframe, like developing and applying enterprise processes and other changes to permit Microvast to interact an unbiased community accounting agency that satisfies the PCAOB inspection specifications.

For supplemental significant information and disclosures on these topics, make sure you refer to the 2021 Once-a-year Report and other reports filed with the SEC at www.sec.gov.

About Microvast

Microvast is a technology innovator that layouts, develops and manufactures lithium-ion battery answers. Microvast is renowned for its chopping-edge cell know-how and its vertical integration abilities which increase from main battery chemistry (cathode, anode, electrolyte, and separator) to modules and packs. By integrating the process from uncooked product to program assembly, Microvast has produced a loved ones of products and solutions masking a breadth of market applications, including electrical autos, strength storage and battery elements. Microvast was established in 2006 and is headquartered in the vicinity of Houston, Texas. For more info, you should take a look at www.microvast.com or adhere to us on LinkedIn or Twitter (@microvast).

Forward-Wanting Statements

This push release contains “forward-seeking statements” within the which means of the Non-public Securities Litigation Reform Act of 1995. These kinds of statements incorporate, but are not minimal to, statements about long term fiscal and working success, our objectives, expectations and intentions with respect to foreseeable future functions, products and companies and other statements identified by phrases these types of as “will possible outcome,” “are anticipated to,” “will go on,” “is expected,” “estimated,” “believe,” “intend,” “plan,” “projection,” “outlook” or terms of related which means. These forward-searching statements are centered on the existing beliefs and expectations of management and are inherently matter to substantial enterprise, economic and aggressive uncertainties and contingencies, several of which are difficult to predict and frequently further than our manage. Precise benefits and the timing of occasions may possibly vary materially from the success expected in these forward-wanting statements.

You are cautioned not to area undue reliance on ahead-searching statements as forward-wanting statements are primarily based on estimates and assumptions that are inherently subject matter to numerous important challenges, uncertainties and other components, quite a few of which are over and above our manage. All info established forth herein speaks only as of the day hereof, and we disclaim any intention or obligation to update any forward-on the lookout statements as a consequence of developments happening after the date of this push launch.

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Resource: Microvast Holdings, Inc.

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PUB: 04/15/2022 05:00 PM/DISC: 04/15/2022 05:02 PM

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