Vietnam EV maker VinFast to list in the U.S. via a SPAC (updated)

Ark Solutions

12/05/2023 12:31

(Adds detail)
       HANOI, May 12 (Reuters) - Vietnamese electric automaker
VinFast  VFS.O  said on Friday it will list in the U.S. via a
merger with special purpose acquisition company (SPAC) Black
Spade Acquisition Co  BSAQ.N .
    After the merger, the new entity will have an enterprise
value of approximately $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 said in a joint statement. 
    The transaction is expected to close in the second half of
2023, it said, adding existing shareholders of VinFast will hold
approximately 99% shares of the combined company.
    VinFast, which began to sell EVs in California this year,
filed for an initial public offering in the U.S. to list on the
Nasdaq under ticker symbol "VFS" in December last year. 
    Black Spade Acquisition is an Hong Kong-based SPAC which
listed on the NYSE in mid-July 2021 with a plan to merge, within
two years, with a company ideally in the entertainment business,
according to its website.
    

 (Reporting by Phuong Nguyen and Francesco Guarascio; editing by
Toby Chopra and Jason Neely)
 ((Phuong.Nguyen@thomsonreuters.com; +84-24-3852-9623;))