Despite Microvast Holdings’ (MVST), lithium-ion battery maker, is expecting to be in high demand due to the growing demand for EVs. However, current trading is below $10 and closes its 52 week low. So, can the stock advance on the back of the company’s expanding reach and strategic partnerships? Read on.Microvast Holdings, Inc.’s (MVST) ultra-fast charging battery system provides comprehensive solutions for different applications, from commercial vehicles, to passenger vehicles and energy storage, to consumer electronics. On July 26, 2021, the Stafford-based company went public on stock exchanges after merging with Tuscan Holdings Corp., a special purpose acquisition firm (SPAC).

Its shares have gained 23.2% in price over the past month to close yesterday’s trading session at $9.39, due mainly to investors’ optimism surrounding vehicle electrification and the increased need for energy storage.

The stock lost 31.5% during the last three months. It is currently at $7.38 for the 52-week lowest, which was reached on October 6, 2020. A Reuters report shows that 26 class actions against SPAC companies were brought between January 2021 and October 29. This represents a 420% increase year-over-year from 2020. MVST also reported losses during the second quarter. So, the stock’s near-term prospects look bleak.

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