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Reverse Recapitalization (Details) - USD ($) | 12 Months Ended |
--- | --- | ---
Dec. 31, 2021 | Jul. 23, 2021
Reverse Recapitalization (Details) [Line Items] |  |
Purchase price, per share | $ 10 |
Conversion of notes payable | $ 1,500 |
Warrant exercise price | $ 11.5 |
Additional shares of common stock | 19,999,988 |
Weighted average price of the common stock | $ 18 |
Common stock receiving a per share | $ 18 |
Description of exchange ratio | Each of the options to purchase Microvast, Inc.’s common stock that was outstanding before the Merger was converted into options to acquire Common Stock by computing the number of Common Stock and converting the exercise price based on the exchange ratio of 160.3 (the “Common Exchange Ratio”). Refer to Note 21.1 In connection with the Merger Agreement, Tuscan, MPS a subsidiary of Microvast, Inc., CL Investors ( refer to Note 14), some MPS minority investors, and certain other parties entered into a framework agreement (the “Framework Agreement”), pursuant to which, (1) the CL Investors waived their convertible loans issued on November 2, 2018, by MPS, in exchange for 6,719,845 shares of Common Stock of the Company and (2) the MPS minority investors waived their rights in MPS’s equity in exchange for 17,253,182 shares of Common Stock of the Company (refer to Note 18).Each capped non-vested share unit of Microvast, Inc. that was outstanding before the Merger was converted into a non-vested share unit of the Company by computing the number of shares and converting the capped price based on the Common Exchange Ratio. Refer to Note 21. |
Shares subject to cancellation | 1,687,500 |
Net proceeds | $ 705,129,000 |
Cash in connection with the PIPE financing | 482,500,000 |
Cash held in Tuscan’s trust accoun | 281,726,000 |
transaction costs | $ 58,175,000 |
Cancellation condition description | In connection with the Merger, the Sponsor and related parties entered into the amended escrow agreement, pursuant to which 1,687,500 shares owned by the Sponsor Group (“Escrow Shares”) are subject to cancellation on conditions that: (i) 50% of 1,687,500 shares shall be cancelled if the last sale price of the Common Stock does not equal or exceed $12.00 per share for any 20 trading days within any 30-trading day period prior to the fifth anniversary of the Closing, and (ii) 50% of 1,687,500 shares shall be cancelled if the last sale price of the Common Stock does not equal or exceed $15.00 per share for any 20 trading days within any 30-trading day period prior to the fifth anniversary of the Closing. |
Escrow shares | 1,687,500 |
Microvast Inc [Member] |  |
Reverse Recapitalization (Details) [Line Items] |  |
Shares issued | 209,999,991 |
Bridge Notes [Member] |  |
Reverse Recapitalization (Details) [Line Items] |  |
Outstanding promissory notes issued |  | $ 57,500
Shares issued | 6,736,106 |
PIPE Investors [Member] |  |
Reverse Recapitalization (Details) [Line Items] |  |
Shares issued | 48,250,000 |
Sponsor [Member] |  |
Reverse Recapitalization (Details) [Line Items] |  |
Shares of common stock | 150,000 |
Warrats to purchase of common stock | $ 150,000 |
Sponsor [Member] | Common Stock [Member] |  |
Reverse Recapitalization (Details) [Line Items] |  |
Shares of common stock | 150,000 |
Tuscan public stockholders [Member] |  |
Reverse Recapitalization (Details) [Line Items] |  |
transaction costs | $ 922,000 |

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- Definition Shares received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital. + References No definition available. + Details
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