off-the-wire

UPDATE 1-Vietnam EV maker VinFast to list in the U.S. via a SPAC

Kitco Media
By Reuters
Published:
Updated:
Reuters
(Adds detail) HANOI, May 12 (Reuters) - Vietnamese electric automaker VinFast said on Friday it will list in the U.S. via a merger with special purpose acquisition company (SPAC) Black Spade Acquisition Co . After the merger, the new entity will have an enterprise value of approximately $27 billion and an equity value of $23 billion, "assuming no BSAQ shareholders elect to have their Black Spade shares redeemed for cash as permitted," VinFast and Black Spade said in a joint statement.


The transaction is expected to close in the second half of 2023, it said, adding existing shareholders of VinFast will hold approximately 99% shares of the combined company. VinFast, which began to sell EVs in California this year, filed for an initial public offering in the U.S. to list on the Nasdaq under ticker symbol "VFS" in December last year.


Black Spade Acquisition is an Hong Kong-based SPAC which listed on the NYSE in mid-July 2021 with a plan to merge, within two years, with a company ideally in the entertainment business, according to its website.
(Reporting by Phuong Nguyen and Francesco Guarascio; editing by Toby Chopra and Jason Neely)

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.