VinFast LLC, a Vietnamese maker of electric vehicles (EV), announced on Friday that it will list in the US through a merger with special purpose acquisition company (SPAC) Black Spade Acquisition Co (BSAQ).
Last month, the start-up EV company said it had received new funding commitments worth $2.5 billion from its parent company Vingroup, which was founded by Pham Nhat Vuong, Vietnam’s first billionaire and the country’s richest man.
Following the merger, the new entity will have an enterprise value of about $27 billion and an equity value of $23 billion, “assuming no BSAQ shareholders elect to have their Black Spade shares redeemed for cash as permitted,” VinFast and Black Spade announced in a joint statement.
VinFast noted the go-public transaction is expected to close in the second half of 2023, with existing VinFast shareholders holding approximately 99% of the shares of the combined company.
Founded in 2017, VinFast began selling EVs in California this year and the company says it has almost 55,000 orders worldwide and is able to produce 300,000 EVs per year.
Black Spade Acquisition, a Hong Kong-based SPAC, was founded by Black Spade Capital Limited (LSE:CAPD), the private investment arm of Lawrence Ho, head of Melco Resorts & Entertainment Ltd, which operates casinos in Macau and the Philippines.
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