75 Express | Vietnamese electric car manufacturer Vinfast will go public in the United States through a SPAC
Vinfast, a Vietnamese electric car manufacturer, will go public in the US via a SPAC
On May 12th, it was reported that Vietnamese electric car manufacturer VinFast will go public through a merger with Black Spade Acquisition Co. (BSAQ), a special purpose acquisition company (SPAC), changing its original plan to apply for an IPO in the United States.
This move came after the company announced last month that it had secured a new round of financing commitments worth $2.5 billion from Vingroup, Vietnam’s largest conglomerate and parent company, and Pham Nhat Vuong, Vietnam’s first billionaire and founder.
Thuy Le, CEO of VinFast Global, said, “The collaboration with Black Spade and VinFast’s listing in the United States provide a perfect financing channel for our future global expansion ambitions.”
In a joint statement, VinFast and Black Spade said the new entity will have an enterprise value of around $27 billion, including debt, and an equity value of about $23 billion. The merger is expected to be completed in the second half of 2023, with VinFast’s existing shareholders holding about 99% of the merged company’s shares.
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Black Spade Acquisition is a Hong Kong-based SPAC company that went public on the New York Stock Exchange in July 2021. SPACs are seen as a shortcut to enter the stock market, especially for automotive technology companies. Despite the fact that the valuation of the merged company usually drops in the first few months after going public, SPACs are popular among some investors.
VinFast was founded in 2017 and its electric vehicle products include electric scooters, electric buses, electric cars, and charging station systems. It has already started selling electric cars in California this year. The company says it currently has nearly 55,000 orders globally and can produce 300,000 electric cars per year.
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