VinFast to list in US via business combination with local company
Hanoi (VNA) - Vietnamese EV maker VinFast will be listed in the US through its business combination with local firm Black Spade Acquisition
Co (Black Spade).
The two companies on May 12 announced that they have
entered into a business combination agreement. After the transaction, VinFast
will have an equity value of over 23 billion USD and be listed in the US.
The business combination values VinFast at an enterprise
value 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 of
2023, subject to regulatory and shareholder approvals, and other customary
closing conditions. After the transaction, existing shareholders of VinFast
will hold approximately 99% shares of the combined company.
Thuy Le, Global CEO of VinFast, said that VinFast
has 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 ambitions
and 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 up
a maximum production facility of up to 300,000 electric vehicles (EVs) a year
and having a full range of beautifully designed high quality EVs, all within
the span of a few years. With the support of Vingroup, one of the largest
conglomerates in Vietnam, VinFast is very well positioned to take advantage of
the EV lifestyle trend and the company is very excited about the future
potential growth of VinFast in Vietnam and globally.
VinFast, a member of Vingroup, was founded in 2017 and
envisioned to drive the movement of global smart electric vehicle revolution.
VinFast manufacturers and exports a full portfolio of e-SUVs, e-scooters and
e-buses across Vietnam, North America, and, soon, Europe. The Company operates
a state-of-the-art automotive manufacturing complex in Hai Phong city that boasts up
to 90% manufacturing automation and annual production capacity of up to 300,000
units in phase 1.
VinFast is committed to its mission of creating a sustainable
future for everyone. The Company converted into 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. VinFast recently crossed an important milestone
on the journey to becoming a recognised global EV brand with the first VF 8 EVs
exported to North America earlier this year.
Black Spade, listed on the NYSE as BSAQ, 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./.