VinFast Auto said it plans to make a new submission to the Securities and Exchange Commission (SEC) for an initial public offering of its shares in the US.
The Vietnamese electric automaker withdrew a December 2022 application to the SEC following its recent tie-up with Black Spade Acquisition Co (BSAQ), a bank check company. However, it said in a filing with the SEC dated May 30 that it intends to file a new registration statement on Form F-4 in connection with the proposed business combination.
Following the transaction with Black Spade, the company said it will have an enterprise value of approximately US$27 billion and an equity value of US$23 billion, not including cash from BSAQ's approximately US$169 million of cash in trust
VinFast said the transaction is expected to close in the second half of 2023, subject to regulatory and shareholder approvals, and other customary closing conditions. After the transaction, existing shareholders of VinFast will hold approximately 99% shares of the combined company.
"VinFast has already demonstrated the ability to quickly reach international markets,” VinfFast Auto global CEO Madame Thuy Le said in a statement.
“The partnership with Black Spade and listing of VinFast in the US represents the perfect capital raising avenue for our future global ambitions and is also an important accomplishment for Vingroup."
VinFast, a member of Vingroup, was founded in 2017 and envisioned to drive the movement of global smart electric vehicle revolution. VinFast manufactures and exports a full portfolio of e-SUVs, e-scooters and e-buses across Vietnam, North America, and, soon, Europe.
Contact the author at stephen.gunnion@proactiveinvestors.com