微宏控股美股招股说明书(2022-08-05版)

424B31ea163864-424b3microvasthold.htmPROSPECTUS PROSPECTUSFiledpursuanttoRule424(b)(3) RegistrationNo.333-258978 MicrovastHoldings,Inc. 321,460,085SharesofCommonStock837,000WarrantstoPurchaseCommonStock Thisprospectusrelatesto:(1)theissuancebyusofupto27,600,000sharesofourcommonstock,parvalue$0.0001pershare(“commonstock”)thatmaybeissueduponexerciseofpublicwarrants(asdefinedbelow)topurchasecommonstockatanexercisepriceof$11.50pershareofcommonstockand(2)theofferandsale,fromtimetotime,bythesellingholdersidentifiedinthisprospectus(the“SellingHolders”),ortheirpermittedtransferees,of(i)upto293,860,085sharesofcommonstockand(ii)upto837,000privatewarrants(eachasdefinedbelow). MicrovastHoldings,Inc.isaDelawarecorporationthatisaholdingcompany.Asaholdingcompanywithnomaterialoperationsofourown,ouroperationsareconductedthroughoursubsidiaries,includingsubsidiariesbasedinChina.Referencesto“we,”“us,”“our”andthe“Company”refertoMicrovastHoldings,Inc.andoursubsidiaries,takenasawhole.AllsecuritiesbeingofferedpursuanttothisprospectusaresecuritiesoftheDelawareholdingcompany,andaccordinglynoinvestorwillacquireadirectinterestinanyoftheequitysecuritiesofoursubsidiaries. AsubstantialportionofourfacilitiesarecurrentlylocatedinthePeople’sRepublicofChina,whichwerefertoasthe“PRC”or“China”. INVESTINGINOURCOMMONSTOCKINVOLVESSUBSTANTIALRISKS,INCLUDINGRISKSRELATEDTOTHEFACTTHATWEAREAHOLDINGCOMPANYWITHNOMATERIALOPERATIONSOFOUROWNANDTHATWECONDUCTASUBSTANTIALMAJORITYOFOUROPERATIONSTHROUGHOUROPERATINGENTITIESESTABLISHEDINTHEPRC.RECENTREGULATORYDEVELOPMENTSINCHINA,INPARTICULARWITHRESPECTTORESTRICTIONSONCHINA-BASEDCOMPANIESRAISINGCAPITALOFFSHORE,ANDTHEGOVERNMENT-LEDCYBERSECURITYREVIEWSOFCERTAINCOMPANIESWITHVIESTRUCTURES,MAYLEADTOADDITIONALREGULATORYREVIEWINCHINAOVERTHECONDUCTOFOURBUSINESSANDOURFINANCINGANDCAPITALRAISINGACTIVITIESINTHEUNITEDSTATES. THECENTRALANDLOCALPRCGOVERNMENTSCONTINUETOEXERCISEASUBSTANTIALDEGREEOFCONTROLANDINFLUENCEOVERBUSINESSESOPERATINGINCHINA.SUCHINFLUENCEANDCONTROLCANBEEXERTEDINNUMEROUSWAYS,INCLUDINGBYMEANSOFPOLICIESINRESPECTOFTHEAPPROVALSANDPERMITSREQUIREDTOOPERATEINCHINAOROWNASUBSIDIARYINCHINA,CONTROLOVEROFFERINGSCONDUCTEDOVERSEASAND/ORFOREIGNINVESTMENTINCHINA-BASEDISSUERS,CONTROLOVERDATASECURITY,PREFERENTIALTREATMENTSSUCHASTAXINCENTIVES,ELECTRICITYPRICING,ANDSAFETY,ENVIRONMENTALANDQUALITYCONTROL.IFTHEPRCGOVERNMENTCHANGESITSCURRENTPOLICIES,ORTHEINTERPRETATIONOFTHOSEPOLICIESTHATARECURRENTLYBENEFICIALTOUS,WEMAYFACEPRESSUREONOUROPERATIONSANDOURABILITYTOGENERATEREVENUEORMAXIMIZEOURPROFITABILITY,ORWEMAYEVENBEUNABLETOCONTINUETOOPERATEINCHINAOROFFERORCONTINUETOOFFERSECURITIES,ALLOFWHICHINTURNCOULDCAUSETHEVALUEOFOURSECURITIESTOSIGNIFICANTLYDECLINEORBEWORTHLESS. RECENTSTATEMENTSMADEANDREGULATORYACTIONSUNDERTAKENBYCHINA’SGOVERNMENT,INCLUDINGTHERECENTENACTMENTOFCHINA’SNEWDATASECURITYLAW,ASWELLASOUROBLIGATIONSTOCOMPLYWITHCHINA’S CYBERSECURITYREVIEWMEASURES(REVISEDDRAFTFORPUBLICCONSULTATION)ANDANYOTHERFUTURELAWSANDREGULATIONSMAYREQUIREUSTOINCURSIGNIFICANTEXPENSESANDCOULDMATERIALLYAFFECTOURABILITYTOCONDUCTOURBUSINESS,ACCEPTFOREIGNINVESTMENTSORLISTONAU.S.OROTHERFOREIGNEXCHANGE.ADDITIONALLY,CHINA’SANTI-MONOPOLYLAWANDSECURITYREVIEWRULESMAYRESTRICTOURABILITYTOMAKEINVESTMENTSINOURSUBSIDIARIESORACQUISITIONSINCHINA. THEHOLDINGFOREIGNCOMPANIESACCOUNTABLEACT(THE“HFCAA”)PROVIDESFORENHANCEDDISCLOSUREREQUIREMENTSIFTHEPUBLICCOMPANYACCOUNTINGOVERSIGHTBOARD(THE“PCAOB”)ISUNABLETOINSPECTORINVESTIGATECOMPLETELYREGISTEREDPUBLICACCOUNTINGFIRMSBECAUSETHECOMPANYUSESAFOREIGNAUDITORNOTSUBJECTTOPCAOBINSPECTION.ONDECEMBER2,2021,THESECISSUEDFINALRULESUNDERTHEHFCAA,WHICHBECAMEEFFECTIVEONJANUARY10,2022,AMENDINGTHEDISCLOSUREREQUIREMENTSINANNUALREPORTSFORREGISTRANTSTHATTHESECIDENTIFIESASHAVINGFILEDANANNUALREPORTCONTAININGANAUDITISSUEDBYAREGISTEREDPUBLICACCOUNTINGFIRMTHATISLOCATEDINAFOREIGNJURISDICTIONTHATTHEPCAOBISUNABLETOINSPECTORINVESTIGATECOMPLETELYBECAUSEOFAPOSITIONTAKENBYANAUTHORITYINTHATJURISDICTION.ONDECEMBER16,2021,THEPCAOBISSUEDITSDETERMINATIONTHATTHEPCAOBISUNABLETOINSPECTORINVESTIGATECOMPLETELYPCAOB-REGISTEREDPUBLICACCOUNTINGFIRMSHEADQUARTEREDINMAINLANDCHINAANDINHONGKONG,BECAUSEOFPOSITIONSTAKENBYPRCAUTHORITIESINTHOSEJURISDICTIONS,ANDTHEPCAOBINCLUDEDINTHEREPORTOFITSDETERMINATIONALISTOFTHEACCOUNTINGFIRMSTHATAREHEADQUARTEREDINTHEPRCORHONGKONG.THISLISTINCLUDESOURAUDITOR,DELOITTETOUCHETOHMATSUCERTIFIEDPUBLICACCOUNTANTSLLP. FURTHER,ONAPRIL12,2022,THESECPROVISIONALLYLISTEDUSASA“COMMISSION-IDENTIFIEDISSUER”ANDSUBSEQUENTLY,WEWERECONCLUSIVELYLISTEDASA“COMMISSION-IDENTIFIEDISSUER.”ACCORDINGLY,IFWEDONOT,INATIMELYMANNER,CHANGETOANINDEPENDENTACCOUNTINGFIRMTHATISNOTHEADQUARTEREDINTHEPRCORHONGKONGANDISNOTSUBJECTTOANYOTHERRESTRICTIONWHICHMAYBEIMPOSEDBYTHEPCAOB,TRADINGINOURCOMMONSTOCKINANYORGANIZEDUNITEDSTATESMARKETWILLTERMINATE,ASARESULTOFWHICHYOUMAYLOSETHEABILITYTOTRADEINOURCOMMONSTOCKORMAYEVENLOSEALLOFTHEVALUEOFYOURSHARES. PLEASESEE“RISKSRELATEDTODOINGBUSINESSINTHEPRC”FORALISTOFRISKFACTORSASSOCIATEDWITHOURSUBSIDIARIES’OPERATIONSINCHINAANDOURAUDITORLOCATEDINCHINAANDTHEFACTT