VinFast-SPAC combine moves Vietnam EV maker closer to US listing

The merger between Vietnamese electric vehicle (EV) start-up VinFast and Black Spade Acquisition Co is set to complete by July 20, making it possible for the former to be listed in the U.S. after that, according to the two firms.

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.

The deal would be completed by July 20, a prospectus by VinFast and Black Spade filed with the U.S. Securities and Exchange Commission (SEC) on June 30 shows.

According to the prospectus, the combination will enable VinFast to list its shares on the Nasdaq, New York Stock Exchange (NYSE), or NYSE American (Qualified Stock Exchange) “subject only to official notice of issuance thereof and round lot holder requirements”.

The merger with Black Spade values VinFast at approximately $27 billion and an equity value of $23 billion, not including cash of approximately $169 million from Black Spade (assuming no Black Spade shareholders elect to have the company shares redeemed for cash as permitted), the SPAC said May 12.

With VinFast’s support “we are very well positioned to take advantage of the EV lifestyle trend and excited about the future potential growth of VinFast in Vietnam and globally,” Black Spade chairman and co-CEO Dennis Tam said at that time.

After announcing the impending combination, VinFast withdrew its original U.S. listing plan. The VinFast-Black Spade prospectus is the replacement.

VinFast, a member of Vingroup founded in 2017, aims to kickstart an EV revolution in many countries. It manufactures a portfolio of e-SUVs, e-scooters and e-buses. Its e- SUVs are already present in North America and will enter Europe soon.