Microvast ($MVST): I spent Monday night reading mortgage filings in a Florida county clerk database. Here’s why.
Microvast. $1.60 stock. $427M revenue. $530M market cap. 36% gross margins ex-impairment. Positive operating cash flow and free cash flow. The CEO gets on an earnings call, says two words, and hangs up.
I’ve written 17 articles on this company. The 18th one kept me up until 3 AM pulling property deeds, mortgage modifications, and patent security filings. I need to tell someone.
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**The short version.**
Microvast owns a 75,000 square foot light manufacturing campus in Lake Mary, Florida. Two buildings. Six loading docks. 2-acre vacant expansion lot next door. It is currently listed for sale at $11.5 million. The building is worth $13.2 million.
The same week it went on the market, the company posted jobs for an M&A lawyer with S-4 experience (that’s the form you file for a merger), a school bus powertrain engineer, and a robotics AI engineer requiring U.S. citizenship. Into the building they’re selling.
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**Why would you hire engineers into a building you’re selling?**
Because the buyer wants what’s inside it.
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**The part I found Monday night.**
The CEO, Yang Wu, lent his own company $25 million in May 2024. He pledged every U.S. asset as collateral. Both Florida buildings. The Tennessee factory. The entire patent portfolio. 810+ patents. All of it held by a collateral agent called Acquiom.
Nothing moves until that loan converts or gets repaid. No building transfers. No patents get licensed. No JV gets executed. The maturity date is May 28, 2026.
Then I found the mortgage modification. Filed April 30, 2025. Prepared by McDermott Will & Emery, a top M&A law firm. Aligning the mortgage to the extended loan maturity.
Microvast Technology LLC was formed in Delaware on April 14, 2025. Sixteen days before the mortgage modification was signed.
The LLC is empty. No assets. Not registered in Florida. It is a vessel waiting to be filled. It cannot receive assets until the collateral releases. The collateral releases when Wu converts.
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**The play Wu designed.**
He lent $25M to his own company when no bank would touch it. Took first-priority security on everything. The going concern language, the silent earnings calls, the no guidance, all of it keeps the stock compressed. He converts the loan at $2 instead of $5. Gets more shares per dollar. Then the collateral releases. Buildings free. Patents free. Announce whatever “strategic agility” actually means. Stock rerates.
He’s not improvising. He designed a sequence where he wins whether the company survives or fails. If it fails, he owns the buildings and the patents through foreclosure. If it succeeds, he converts cheap, releases the assets, and rides the rerate as the largest shareholder.
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**Positions.**
Long common shares. Adding. Prepared to be wrong. The article has six falsifiers that would break the entire argument.
Full article with county records, instrument numbers, parcel maps, patent filings, and evidence appendix linked below. 4,000+ words. Every claim sourced to a primary document.
This is the most significant research I’ve done in seven months of covering this company. Whether you agree with it or not, the documents are real and the links are there.
Not financial advice.
