VinFast plans to be listed in the United States through a Special Purpose Acquisition Company (SPAC) on August 15th.
The information provided by Vingroup (stock code: VIC) indicates that shareholders of Black Spade Acquisition Co (NYSE: BSAQ) have approved the business merger plan at the Special Shareholders' Meeting ("EGM") held on August 10th. The official voting results will be included in the Form 8-K Report, submitted by Black Spade to the U.S. Securities and Exchange Commission ("SEC").
The merger transaction is expected to be completed by August 14th. After the transaction, VinFast will operate as a unified company. Common shares and warrants of the electric vehicle manufacturer in Vietnam are projected to commence trading on the Nasdaq Stock Market LLC ("Nasdaq") on or around August 15th, under new tickers "VFS" and "VFSWW" respectively.
Ms. Lê Thị Thu Thủy, Vice Chairwoman of Vingroup and Global CEO of VinFast, expressed that today's voting outcome reflects the confidence of Black Spade shareholders in VinFast. She takes pride in the achievements up to this point and looks forward with optimism to new journeys and potentials that this collaboration will bring in the future.
Mr. Dennis Tam, Chairman and Co-CEO of Black Spade, shared the company's joy in announcing the strong endorsement of our shareholders for the business merger, reflecting their belief in the vision and potential of the collaboration between Black Spade and VinFast.
Proposals related to the business merger have received robust support from Black Spade shareholders, with approximately 99.99% of the votes favoring the approval of the Business Combination. Thanks to the steadfast support of shareholders, we are coming closer to a proud milestone - taking VinFast to be a publicly listed company in the United States.
VinFast is a subsidiary of Vingroup and was established in 2017. With a mission to build a more sustainable future for all, VinFast transitioned fully to electric vehicle production in 2022. Currently, VinFast has successfully developed a comprehensive electric vehicle ecosystem, including electric SUVs (ranging from minicars to segments A-B-C-D-E), electric motorcycles, and electric buses. VinFast vehicles are sold in Vietnam, North America, and soon in Europe. VinFast owns a modern automobile manufacturing facility in Hai Phong, Vietnam, with automation rates reaching up to 90% and an annual production capacity of up to 300,000 vehicles in phase 1.
VinFast's electric car models, including VF e34, VF 8, VF 9, and VF 5, have been delivered in the Vietnamese market. In early 2023, VinFast also exported the first two batches of VF 8 cars to North America, marking a significant milestone in the journey to become a globally recognized electric vehicle brand. On July 28th, VinFast broke ground for an electric vehicle manufacturing plant in North Carolina, signifying a major step in global expansion and supply chain development in the North American market.
Black Spade was founded by Black Spade Capital and is listed on the NYSE American stock exchange. Black Spade Capital currently manages an investment portfolio including various cross-border investments and continually seeks opportunities to expand this portfolio.
Additional information regarding the merger transaction, including a copy of the merger agreement, is provided in the Form 8-K Report submitted by BSAQ to the SEC on May 12th.
Detailed information about the merger transaction is also described in VinFast's registration statement, including the shareholders' opinion of BSAQ and VinFast's disclosure related to the business merger, submitted to the SEC on June 15th.
