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Tuscan Holdings Corp. Announces Closing of $240 Million Initial Public Offering
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Tuscan Holdings Corp. Announces Closing of $240 Million Initial Public Offering

NEW YORK–(BUSINESS WIRE)–Tuscan Holdings Corp. (NASDAQ:THCBU) (the “Company”)
announced today that it has completed its initial public offering of
24,000,000 units. Each unit consists of one share of the Company’s
common stock, par value $.0001 per share (“Common
Stock
”), and one warrant entitling the holder to purchase one
share of Common Stock at a price of $11.50 per share. The units were
sold at an offering price of $10.00 per unit, generating gross proceeds
of $240,000,000 to the Company. The units have been listed on the Nasdaq
Capital Market (“Nasdaq”) and trade under
the ticker symbol “THCBU”. Once the securities comprising the units
begin separate trading, the common stock and warrants are expected to be
traded on Nasdaq under the symbols “THCB” and “THCBW,” respectively.
EarlyBirdCapital, Inc. acted as sole book-running manager and I-Bankers
Securities, Inc. acted as co-manager of the offering. Copies of the
final prospectus relating to the offering may be obtained for free by
visiting the U.S. Securities and Exchange Commission website at http://www.sec.gov.
Alternatively, a copy of the prospectus relating to the offering may be
obtained from EarlyBirdCapital, Inc., 366 Madison Avenue, 8th Floor, New
York, NY 10017, Attn: Syndicate Department, 212-661-0200.

The underwriters have been granted a 45-day option to purchase up to an
additional 3,600,000 units offered by the Company to cover
over-allotments, if any.

Of the proceeds received from the consummation of the initial public
offering and a simultaneous private placement of units, $240,000,000 (or
$10.00 per share sold in the offering) was placed in trust. An audited
balance sheet of the Company as of March 7, 2019 reflecting receipt of
the proceeds upon consummation of the initial public offering and the
private placement will be included as Exhibit 99.1 to a Current Report
on Form 8-K to be filed by the Company with the Securities and Exchange
Commission.

This press release shall not constitute an offer to sell or a
solicitation of an offer to buy, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.

Tuscan Holdings Corp. is a blank check company organized for the purpose
of effecting a merger, capital stock exchange, asset acquisition, or
other similar business combination with one or more businesses or
entities, with an initial focus on target businesses in the cannabis
industry. However, the Company’s efforts to identify a prospective
target business will not be limited to any particular industry or
geographic region. The Company is led by Stephen A. Vogel, Chairman and
Chief Executive Officer, and Ruth Epstein, President and Chief Financial
Officer.

Forward Looking Statements

This press release includes forward-looking statements that involve
risks and uncertainties. Forward looking statements are statements that
are not historical facts. Such forward-looking statements, including
with respect to the initial public offering and the anticipated use of
the proceeds thereof, are subject to risks and uncertainties, which
could cause actual results to differ from the forward looking
statements, including those set forth in the risk factors section of the
prospectus used in connection with the Company’s initial public
offering. The Company expressly disclaims any obligations or undertaking
to release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in the Company’s
expectations with respect thereto or any change in events, conditions or
circumstances on which any statement is based, except as required by law.

Contacts

Stephen A. Vogel
Chairman and Chief Executive Officer
Tuscan
Holdings Corp.
stephen@tuscanholdings.com

Ruth Epstein
President and Chief Financial Officer
Tuscan
Holdings Corp.
ruth@tuscanholdings.com

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