Microvast slides after US energy dept cancels $200 mln grant

Microvast Holdings

23/05/2023 10:21

** Shares of battery tech firm Microvast Holdings  MVST.O 
down 22.7% at $1.70 premarket
    ** MVST one of the top pct losers among Nasdaq-listed stocks
    ** U.S. Energy Department will not award company $200 mln
grant to help build a plant in Tennessee, said a source familiar
with the matter  urn:newsml:reuters.com:*:nL1N37J34Y
    ** Grant had been set to support work by General Motors
 GM.N  and MVST on developing specialized EV battery separator
technology and building a new separator plant
    ** Grant stemmed from $1 trillion 2021 bipartisan
infrastructure law
    ** Up to last close, stock had fallen ~44% YTD

 (Reporting by Mrinalika Roy)
 ((mrinalika.roy@thomsonreuters.com;))