Several automakers and suppliers have recently chosen to go public through special purpose acquisition companies (SPAC). One of these companies is VinFast Auto, a Vietnamese automotive company that has been gaining attention in the industry. VinFast is now taking the SPAC route to achieve its long-promised initial public offering (IPO) in the US.
VinFast is currently expanding in Europe and preparing to establish a manufacturing plant in North Carolina, it’s progressing more quickly than any other automaker on the planet.
To fulfill its IPO plans in the US, VinFast Auto has entered into a business agreement with Black Spade Acquisition Co. The transaction is projected to conclude in the second half of 2023, with VinFast’s valuation at around $27 billion (£21.6 / €24.8 billion) and an equity value of $23 billion (£18.4 / €21.1 billion).
According to a Form 8-K filing with the US Securities and Exchange Commission, each ordinary share in VinFast will have a value of $10.00 (£8.03 / €9.21), and the filing mentions the possibility of substantial bonuses for the automaker’s employees if specific conditions are met.
Black Spade Acquisition Co is listed on the New York Stock Exchange under the symbol BSAQ and is currently valued at $10.36 (£8.32 / €9.54) per share.
The young automaker, VinFast, has already introduced four different electric vehicle (EV) models in Vietnam and is now preparing to deliver its VF 8 model to customers on the West Coast of North America.
Last month, VinFast announced an additional $2.5 billion in funding, including $1 billion from VinGroup chair Pham Nhat Vuong’s personal funds. Vuong expressed his belief in the company and recognized the substantial capital required to establish the young national brand on the international stage.
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