Wu Yang Amends Microvast Holdings Stake

TL;DR

Wu Yang updated their Microvast stake filing. Watch for details on share changes.

AI Summary

Wu Yang, a significant shareholder of Microvast Holdings, Inc., filed an amendment to their Schedule 13D on November 21, 2024. This filing indicates a change in beneficial ownership of the company's common stock. The specific details of the change, including the exact number of shares and the percentage of ownership, are not fully detailed in the provided header information but are typically elaborated within the full filing.

Why It Matters

Changes in beneficial ownership by significant shareholders like Wu Yang can signal shifts in confidence or strategy, potentially impacting Microvast's stock price and market perception.

Risk Assessment

Risk Level: medium — Schedule 13D filings by significant holders often precede or follow material events, requiring close monitoring for potential price impact.

Key Players & Entities

• Wu Yang (person) — Filing person and significant shareholder
• Microvast Holdings, Inc. (company) — Subject company
• 59516C106 (other) — CUSIP Number for Microvast Holdings, Inc. common stock

FAQ

Key Financial Figures

• $0.0001 — me of Issuer) Common Stock, par value $0.0001 per share (Title of Class of Securiti
• $25,000,000 — rtible loans in the aggregate amount of $25,000,000 (the " Loans ") for which the principal
• $100,000 — , in whole or in part, in increments of $100,000 into shares of Common Stock at an initi
• $1.00 — rate of two shares of Common Stock per $1.00 of principal to be converted; (ii) pres
• $12,000,000 — in the form of an Initial Term Loan of $12,000,000, which Initial Term Loan was funded on
• $13,000,000 — g Date, and a Delayed Draw Term Loan of $13,000,000, which Delayed Draw Term Loan was funde
• $2.00 — arrant) at an initial exercise price of $2.00 per share (as may be adjusted in accord

Filing Documents

• ss4134524_sc13da.htm (SC 13D/A) — 36KB
• 0000947871-24-000952.txt ( ) — 38KB

Security and Issuer

Item 1. Security and Issuer. This Amendment No. 1 to Schedule 13D (" Amendment No. 1 ") supplements and amends the Statement on Schedule 13D originally filed with the Securities and Exchange Commission (the " SEC ") on July 27, 2021 (the " Statement "). Capitalized terms used but not defined herein have the meanings given to such terms in the Statement. Except as otherwise set forth herein, the Statement is unmodified by this Amendment No. 1. The principal executive offices of the Company are located at 12603 Southwest Freeway, Suite 300, Stafford, Texas 77477.

Identity and Background

Item 2. Identity and Background. (b) The principal business address of the Reporting Person is 12603 Southwest Freeway, Suite 300, Stafford, Texas 77477. (c) The principal business address of the Company is 12603 Southwest Freeway, Suite 300, Stafford, Texas 77477.

Source and Amount of Funds or Other Consideration

Item 3. Source and Amount of Funds or Other Consideration. The securities reported in this Amendment No. 1 were received by the Reporting Person in connection with the entry into the Loan Agreement and the issuance of the Warrant (each as defined in Item 4 below). The source of funds for the Loans (as defined in Item 4) was the Reporting Peron's personal funds.

Purpose of Transaction

Item 4. Purpose of Transaction. Loan Agreement On May 28, 2024, the Company entered into a Loan and Security Agreement (as amended, restated, supplemented or otherwise modified from time to time, the " Loan Agreement "), by and among the Company, as a guarantor, Microvast, Inc., a Delaware corporation and a direct subsidiary of the Company, as borrower (the " Borrower "), each direct or indirect subsidiary of the Company that is or may, from time to time, become a "Loan Party" party thereto (and, together with the Company, each a " Guarantor " and collectively, the " Guarantors " and together with the Borrower, each a " Loan Party " and collectively, the " Loan Parties "), the Reporting Person, as initial lender (the " Initial Lender " and, together with the Initial Lender's permitted successors and assigns, the " Lenders ") and Acquiom Agency Services LLC, as administrative agent and collateral agent for all Lenders (in such capacities, and any successors and permitted assigns thereto in such capacities, " Agent "), pursuant to which the Lenders may, upon the terms and subject to the conditions stated therein, make loans to the Borrower (the " Loans "). Capitalized terms used but not defined in this Item 4 shall have the meanings given to such terms in the Loan Agreement. The Loan Agreement provides, among other things, that the Lenders will make the Loans available to the Borrower, upon the terms and subject to the conditions stated therein, in the form of an Initial Term Loan of $12,000,000, which Initial Term Loan was funded on the Closing Date, and a Delayed Draw Term Loan of $13,000,000, which Delayed Draw Term Loan was funded on July 23, 2023, at an initial interest rate equal to Term SOFR for the applicable Interest Period, plus an initial Applicable Margin of 9.75% per annum, 3.75% of which shall be paid in kind rather than in cash. The Loans have a maturity date of November 28, 2025, which maturity date may be accelerated upon the occurrence and conti

Interest in Securities of the Issuer

Item 5. Interest in Securities of the Issuer. (a) The Reporting Person beneficially owns an aggregate of 140,536,953 shares of Common Stock, representing 37.1% of the outstanding shares of Common Stock. The aggregate percentage of Common Stock beneficially owned by the Reporting Person is calculated based upon 323,815,298 shares of Common Stock outstanding of the Company as set forth in the Company's Quarterly Report on Form 10-Q, filed with the SEC on November 12, 2024, and includes an additional 50,000,000 shares of Common Stock that may be received upon conversion of the Loans and 5,500,000 shares of Common Stock subject to presently exercisable warrants held by the Reporting Person. (b) The Reporting Person has the sole power to vote or direct the voting of all of the 140,536,953 shares of Common Stock beneficially owned by the Reporting Person, sole power to dispose or direct the disposition of 138,536,953 shares of Common Stock beneficially owned by the Reporting Person and shared power to dispose or direct the disposition of 2,000,000 shares of Common Stock beneficially owned by the Reporting Person. (c) Other than the transactions described in Item above, the Reporting Person has not effected any transactions in shares of Common Stock in the past 60 days. (d) As of the date of this Amendment No. 1, the Reporting Person's children have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of 2,000,000 shares of Common Stock beneficially owned by the Reporting Person.

Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer

Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer. Other than the agreements described in the (legal or otherwise) between the Reporting Person and any person with respect to any securities of the Company.

Material to be Filed as Exhibits

Item 7. Material to be Filed as Exhibits. 99.1 Loan and Security Agreement, dated May 28, 2024, by and among Microvast Holdings, Inc., Microvast, Inc., the subsidiaries of Microvast Holdings, Inc. party thereto, Yang Wu and Acquiom Agency Services LLC. (incorporated by reference to Exhibit 10.1 to the Company's Form 8-K, filed with the SEC on June 4, 2024). 99.2 Common Stock Purchase Warrant, dated May 28, 2024, issued by Microvast Holdings, Inc. to Yang Wu. (incorporated by reference from Exhibit 4.1 to the Company's Current Report on Form 8-K, filed with the SEC on June 4, 2024). SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Dated: November 21, 2024 Yang Wu By:/s/ Yang Wu Name: Yang Wu

View Full Filing

View this SC 13D/A filing on SEC EDGAR