Investors in VinFast's SPAC for US listing cash out most shares
14/07/2023 11:02
HANOI, July 14 (Reuters) - Shareholders of Black Spade
Acquisition BSAQ.A , a special purpose acquisition company
(SPAC) that has plans to merge with Vietnam's electric automaker
VinFast to allow a U.S. listing, redeemed over 80% of their
shares, the company said on Friday.
The Hong Kong-based SPAC's shareholders have not yet voted
about the proposed merger with VinFast, but have exercised their
right to redeem shares by Tuesday this week.
Black Spade said that redemptions amounted to approximately
$147 million. "Following the redemption (...), the amount of
funds remaining in the trust account is approximately $28.56
million," the SPAC said in a statement.
On Thursday, the SPAC's remaining shareholders voted to
extend its lifespan by one year, about a week before the end of
its original two-year term.
(Reporting by Francesco Guarascio @fraguarascio; editing by
David Evans)
((Francesco.Guarascio@thomsonreuters.com;))