Yasser Ali has resigned as CFO of Microvast, with immediate effect. He was only appointed to the role on July 5, 2024.

Microvast manufactures lithium-ion batteries for commercial electric vehicles. It has a 1,400,000 sq.ft. factory in Huzhou, China and it is trying to build a 577,000 sq. ft. facility in Clarksville, Tennessee. The company has its corporate office in Stafford, TX with another facility in Germany. It is in the process of closing its offices in Colorado and Florida and transferring those operations to Tennessee.

The company went public via a SPAC in July 2021. Like many companies taken public in this way, its shares are under water and now trade at 32 cents. For 2023, it had revenue of $307 million and a net loss of $106 million.

Building of the new facility in Tennessee has been put on hold while the company seeks financing. In fact, Microvast has received a number of lawsuits from suppliers not paid on the Tennessee project. In all, Microvast owes $66 million to those suppliers, though it has managed to come to new payment terms with about a third of them, saving about $6 million in the process

Prior to joining Microvast, Mr. Ali was the CFO of Vision Technologies between August 2022 and March 2024. That company is an IT consulting business, based in Baltimore. He has also worked at Sun Edison and Amazon.

In addition, Yanzhuan Zheng, the CFO between 2021 and 2022, resigned as a non-executive director earlier last week. Mr. Zheng graduated with a Master’s degree from Texas A&M and worked at a Houston-based private equity firm before joining Microvast.

SEC filing – 8-K Microvast 2408 CFO