VinFast will list in the United States via a merger with a blank-cheque company after the Securities and Exchange Commission greenlit its proposed business combination.
The news comes after VinFast's groundbreaking ceremony for its electric vehicle manufacturing site in North Carolina on July 28. Accordingly, the US Securities and Exchange Commission (SEC) has declared effective the registration statement on Form F-4 of VinFast in connection with its proposed business combination with Black Spade.
Black Spade has scheduled the Extraordinary General Meeting of Shareholders to approve the proposed business combination with VinFast to be held on August 10.
The business combination values VinFast at an enterprise value of $27 billion and an equity value of $23 billion. The transaction is expected to close followed by the listing of VinFast in August 2023, subject to shareholder approvals and other customary closing conditions.
Thuy Le, global CEO of VinFast Auto Pte. Ltd. said, “This represents a remarkable milestone in advancing VinFast’s presence in the US as we move towards our proposed US listing. Along with this exciting step, we also celebrate the start of construction of our electric vehicle factory in North Carolina. These achievements will help accelerate our commitment to the global green mobility revolution and our mission to help consumers make the switch to an EV easier and more accessible, while also opening a strategic capital-raising avenue for our global ambitions.”
VinFast, a member of Vingroup JSC, was founded in 2017 and envisioned to drive the movement of global smart electric vehicle revolution. VinFast manufactures and exports a portfolio of e-SUVs, e-scooters and e-buses across Vietnam, North America, and, soon, Europe.
Meanwhile, Black Spade, listed on the NYSE American, was founded by Black Spade Capital, which runs a global portfolio consisting of a wide spectrum of cross-border investments, and consistently seeks to add new investment projects and opportunities to its portfolio.
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Vietnamese automaker VinFast will hold a groundbreaking ceremony for its electric vehicle (EV) factory in North Carolina on July 28.