Vietnamese electric vehicle maker VinFast says its ordinary shares and warrants are expected to begin trading on the Nasdaq under the new ticker symbols “VFS” and “VFSWW,” respectively, on or around August 15.
This follows a Thursday announcement by VinFast and Black Spade Acquisition Co that their previously announced business combination had been approved at an extraordinary general meeting of Black Spade’s shareholders on Thursday.
Complete official results of the vote will be included in a current report on Form 8-K to be filed by Black Spade with the U.S. Securities and Exchange Commission (SEC), the two companies said, adding that the business combination is expected to close on August 14.
Upon closing, VinFast will remain as the combined company.
Black Spade, a special purpose acquisition company (SPAC) based in the U.S., had announced in May that it had entered into a business combination agreement with VinFast that would give the latter an equity value of over $23 billion.
Dennis Tam, chairman and co-CEO of Black Spade, said: “The proposals related to the business combination received resounding support from our shareholders, with approximately 99.99% of votes cast in favor of approving the combination.
“Thanks to our shareholders’ unwavering support, we are one step closer to the exciting milestone of taking VinFast public.”
VinFast, a member of Vietnam’s largest private conglomerate Vingroup, was founded in 2017 and envisioned to drive the movement of global smart electric vehicle revolution. It manufactures and exports a portfolio of e-SUVs, e-scooters and e-buses across Vietnam, North America, and, soon, Europe.
VinFast operates a manufacturing complex in northern Vietnam’s Hai Phong city that boasts up to 90% manufacturing automation and an annual production capacity of up to 300,000 units in phase one.
The company became a fully EV manufacturer in 2022, and has delivered four EV models – VF e34, VF 8, VF 9, and VF 5 – to customers in Vietnam to date. It crossed an important milestone on the journey to becoming a global EV brand with its first VF 8 EVs exported to North America earlier this year.
On July 28, VinFast broke ground for the construction of an electric vehicle manufacturing site in North Carolina, marking a significant step in its global expansion and supply chain development in North America.
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.
Black Spade is a special purpose acquisition company focused on identifying a business combination target that can benefit from its extensive collective network.