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Sep 15, 2021
[1 min Read]
Workhorse dropped the lawsuit against Oshkosh and USPS about the contract for the new USPS truck fleet (NGDV). https://www.reuters.com/business/autos-transportation/workhorse-voluntarily-dismisses-its-legal-challenge-usps-contract-2021-09-15/
This means Oshkosh gets the order and there is no longer a legal challenge and they can move forward with their plans.
Oshkosh is a pipe investor with Microvast and an R&D partner on batteries. https://www.businesswire.com/news/home/20210205005089/en/Microvast-Enters-Electrification-Joint-Development-Agreement-With-Oshkosh-Corporation
When initial contract win was awarded to Oshkosh, that day Microvast spiked to $25.
Microvast built a factory in Clarksville, TN to deliver on its largest order yet, and did this on request of the DOE.
Currently Microvast has roughly 7-8 million shares shorted according to Ortex. This is at least 3 days on average volume to cover all those shares (if every share traded was covering).
The S1 locking up shares of Microvast pipe investors and insiders has not been made effective yet by the SEC so those shares are still locked up and that means that currently the public tradable float of around 21-22 million shares for Microvast.
This means that currently 7-8 million of the 21-22 million public float (31-36%) is currently being shorted. (Note: This is until S1 is made effective and it could be a little while since this is first S1 and there are issues with it probably needs to be amended)
With this recent news which did not come out until after market close, tomorrow and next few days could be very interesting for Microvast (MVST).