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PREFERRED SHARES

12 Months Ended

Dec. 31, 2022

Preferred Stock, Number of Shares, Par Value and Other Disclosure [Abstract]

21. PREFERRED SHARES

On July 23, 2021, upon the completion of the Merger between Microvast, Inc. and Tuscan, all preferred shares were converted into Common Stock of the combined company at the Common Exchange Ratio of 160.3 as disclosed in Note 3.

The changes in the balance of Series C1 Preferred shares (“Series C1 Preferred”), Series C2 Preferred shares (“Series C2 Preferred”), Series D1 Preferred shares ('Series D1 Preferred') and redeemable noncontrolling interests included in the mezzanine equity for the years ended December 31, 2020 and 2021 were as follows:


(In thousands)	Series C1 Preferred		Series C2 Preferred		Series D1 Preferred		Redeemable noncontrolling interests
Ending balance as of January 1, 2020	$	76,684	$	73,100	$	127,935	$	80,561
Accretion	3,897		8,866		18,648		10,259
Ending balance as of December 31, 2020	$	80,581	$	81,966	$	146,583	$	90,820
Accretion from January 1 to July 23	2,257		5,132		10,708		5,841
Conversion as of Merger	(82,838)		(87,098)		(157,291)		(96,661)
Ending balance as of December 31, 2021	$	—	$	—	$	—	$	—