Thuy Le, Global CEO of VinFast (white) and representatives of Black Spade Acquisition (Photo: VinFast) Hanoi (VNA) - Vietnamese EV maker VinFast will be listed in the US through its business combination with local firm Black Spade AcquisitionCo (Black Spade).
The two companies on May 12 announced that they haveentered into a business combination agreement. After the transaction, VinFastwill have an equity value of over 23 billion USD and be listed in the US.
The business combination values VinFast at an enterprisevalue of approximately 27 billion USD and an equity value of 23 billion USD,not including cash from BSAQ's approximately 169 million USD of cash in trust.
The transaction is expected to close in the second half of2023, subject to regulatory and shareholder approvals, and other customaryclosing conditions. After the transaction, existing shareholders of VinFastwill hold approximately 99% shares of the combined company.
Thuy Le, Global CEO of VinFast, said that VinFasthas already demonstrated the ability to quickly reach international markets.The partnership with Black Spade and listing of VinFast in the US represent the perfect capital raising avenue for the company’s future global ambitionsand is also an important accomplishment for Vingroup.
Dennis Tam, Chairman and Co-CEO of Black Spade Acquisition Co shared that VinFast has demonstrated their execution excellence by building upa maximum production facility of up to 300,000 electric vehicles (EVs) a yearand having a full range of beautifully designed high quality EVs, all withinthe span of a few years. With the support of Vingroup, one of the largestconglomerates in Vietnam, VinFast is very well positioned to take advantage ofthe EV lifestyle trend and the company is very excited about the futurepotential growth of VinFast in Vietnam and globally.
VinFast, a member of Vingroup, was founded in 2017 andenvisioned to drive the movement of global smart electric vehicle revolution.VinFast manufacturers and exports a full portfolio of e-SUVs, e-scooters ande-buses across Vietnam, North America, and, soon, Europe. The Company operatesa state-of-the-art automotive manufacturing complex in Hai Phong city that boasts upto 90% manufacturing automation and annual production capacity of up to 300,000units in phase 1.
VinFast is committed to its mission of creating a sustainablefuture for everyone. The Company converted into a fully EV manufacturer in2022, and has delivered four EV models: VF e34, VF 8, VF 9 and VF 5 tocustomers in Vietnam to date. VinFast recently crossed an important milestoneon the journey to becoming a recognised global EV brand with the first VF 8 EVsexported to North America earlier this year.
Black Spade, listed on the NYSE as BSAQ, was founded by Black SpadeCapital, which runs a global portfolio consisting of a wide spectrum ofcross-border investments, and consistently seeks to add new investment projectsand opportunities to its portfolio./.
