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Why Did TuanChe (TC) Stock Go 10% Higher In Extended Trading?

Before the opening of its annual general meeting on Friday, shares of TuanChe Limited (NASDAQ: TC) rose 10.21% to $7.99 in an extended session on Thursday.

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When will TC hold the AGM?

On November 4, 2022, at 10:00 a.m., TuanChe (TC) will have its 2022 Annual General Meeting of Shareholders at the 9F, Ruihai Building, No. 21 Yangfangdian Road, Haidian District, Beijing 100038, People’s Republic of China. (local time). The nomination of Marcum Asia CPAs LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2022, is the proposal that will be put up for the shareholders’ vote at the annual general meeting.

The record date (the “Record Date”) for determining the shareholders entitled to receive notice of the annual general meeting or any adjournment or postponement thereof was set by the Board as October 3, 2022 (the “Record Date”). The annual general meeting and any adjournment or postponement thereof was open to all holders of TC ordinary shares as of the close of business on the Record Date.

TC made a wise move

In order to boost the Company’s supply chain and extend its research capabilities in the area of EV batteries, TuanChe has inked a strategic collaboration agreement with YangMing New Energy Technology (“YangMing”). YangMing is dedicated to creating solid-state battery and supercapacitor energy storage solutions that are safer, more effective, and more reasonably priced. YangMing created the Yangming Jiaotong University Joint Research Institute of Supercapacitor Batteries and Solid-state Batteries Energy Storage in January 2021 in partnership with Xi’an Jiaotong University.

How will TC progress go forward?

TuanChe (TC) and YangMing will collaborate to further the development of ultra-safe solid-state batteries with the goal of delivering battery and energy storage technologies that offer a jump in performance and dependability. YangMing intends to finish building 20 battery manufacturing lines by 2023, making use of TC’s existing supply chain network and connections to significant participants in the nation’s expanding EV industry. The two businesses will collaborate on research initiatives using sodium-ion batteries and solar power supply systems as part of the strategic partnership agreement.

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