Vietnam's electric vehicle manufacturer, VinFast Auto Ltd (NASDAQ:VFS), is set to commence trading on the Nasdaq around August 15 after receiving approval from NYSE American-listed special-purpose acquisition company (SPAC) Black Spade Acquisition Co.
Shareholders of Black Spade Acquisition Co endorsed the merger, valuing VinFast at approximately $23 billion, according to a statement released last month.
That puts VinFast’s equity valuation, including debt, at $27 billion and places it at a premium compared to competitors like Rivian Automotive Inc (NASDAQ:RIVN) and Nikola Corp (NASDAQ:NKLA).
The move marks the culmination of VinFast's efforts to become a publicly traded entity, as it ventures into producing electric vehicles in Vietnam and establishes a factory in the United States.
But the decision to list on Nasdaq rather than the exchange of its SPAC is relatively unusual: typically, the blank-check company’s backers receive new stock in the combined firm in exchange for their old SPAC shares, which are canceled and delisted.
The merger is set to conclude on August 14 after 99.99% of votes were cast in favor of the combination.
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