The information
included in Item 5.07 is incorporated by reference in this item to the extent required herein.
Additional Information and Where to Find It
In connection with the proposed business combination
transaction involving Tuscan and Microvast, Inc., a Delaware corporation (“Microvast”), Tuscan filed a preliminary proxy statement
with the SEC on February 16, 2020 and intends to file a definitive proxy statement (collectively, “Merger Proxy Statement”).
This document is not a substitute for the Merger Proxy Statement. INVESTORS AND SECURITY HOLDERS AND OTHER INTERESTED PARTIES ARE URGED
TO READ THE MERGER PROXY STATEMENT FOR MORE INFORMATION ABOUT THE PROPOSED BUSINESS COMBINATION WITH MICROVAST AND TO READ ANY OTHER RELEVANT
DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN
THEIR ENTIRETY WHEN THEY BECOME AVAILABLE. The Merger Proxy Statement and other documents that may be filed with the SEC (when they are
available) can be obtained free of charge from the SEC’s website at www.sec.gov. These documents (when they are available)
can also be obtained free of charge from Tuscan upon written request to Tuscan at Tuscan Holdings Corp., 135 E. 57th St., 17th Floor,
New York, NY 10022.
No Offer or Solicitation
This Current Report on Form 8-K is for informational
purposes only and is not intended to and shall not constitute a proxy statement or the solicitation of a proxy, consent or authorization
with respect to any securities or in respect of the Merger and is not intended to and shall not constitute an offer to sell or the solicitation
of an offer to sell or the solicitation of an offer to buy or subscribe for any securities or a solicitation of any vote or approval,
nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Participants in Solicitation
This Current Report on Form 8-K is not a solicitation
of a proxy from any investor or securityholder. However, Tuscan and certain of its directors and executive officers may be deemed to be
participants in the solicitation of proxies in connection with the business combination under the rules of the SEC. Information about
Tuscan’s directors and executive officers and their ownership of Tuscan’s securities is set forth in Tuscan’s filings
with the SEC, including Tuscan’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, which was filed with the
SEC on March 25, 2021, and the definitive proxy statement for the annual meeting which was filed with the SEC on March 25, 2021 and mailed
to Tuscan’s stockholders on or about March 25, 2021. These documents can be obtained free of charge from Tuscan upon written request
to Tuscan at Tuscan Holdings Corp., 135 E. 57th St., 17th Floor, New York, NY 10022.
Forward Looking Statements
This Current Report on Form
8-K contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such
statements include, but are not limited to, statements about future financial and operating results, our plans, objectives, expectations
and intentions with respect to future operations, products and services; and other statements identified by words such as “will
likely result,” “are expected to,” “will continue,” “is anticipated,” “estimated,”
“believe,” “intend,” “plan,” “projection,” “outlook” or words of similar meaning.
Forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to significant
business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control.
Actual results and the timing of events may differ materially from the results anticipated in these forward-looking statements.
In addition to factors previously
disclosed in Tuscan’s reports filed with the SEC and those identified elsewhere in this Current Report on Form 8-K, the following
factors, among others, could cause actual results and the timing of events to differ materially from the anticipated results or other
expectations expressed in the forward-looking statements: (1) inability to complete the proposed business combination with Microvast within
the required time period or, if Tuscan does not complete the proposed business combination with Microvast, any other business combination;
(2) the inability to complete the proposed business combination with Microvast due to the failure to meet one or more closing conditions
or the occurrence of any event, change or other circumstances that could give rise to the termination of the definitive agreement; and
(3) the impact of the ongoing COVID-19 pandemic.
All information set forth
herein speaks only as of the date hereof, and we disclaim any intention or obligation to update any forward-looking statements as a result
of developments occurring after the date of this Current Report on Form 8-K.