Hanoi-based electric vehicle manufacturer, VinFast, has successfully concluded its merger with Black Spade Acquisition Company through a Special Purpose Acquisition Company (SPAC) arrangement. The merger gained approval from shareholders of Black Spade, paving the way for VinFast’s much-anticipated debut on the NASDAQ Stock Market on August 15, 2023.
In a significant stride towards its international expansion strategy, VinFast, a prominent player in the electric vehicle sector headquartered in Hanoi, unveiled the finalization of its merger with Black Spade Acquisition Company. This pivotal announcement was made in conjunction with the groundbreaking ceremony of VinFast’s forthcoming manufacturing facility in North Carolina. Following due approval from Black Spade’s shareholders, the path was cleared for VinFast’s consequential initiation as a publicly traded entity on the esteemed NASDAQ Stock Market.
The official initiation was marked by the sounding of the ticker bell on August 15, 2023, as VinFast’s stock began trading under the symbols “VFS” and “VFSWW” on the NASDAQ. This definitive move substantiates VinFast’s newfound status as a publicly listed corporation, underscoring its intent to fortify its market standing and pursue continued growth.
Madame Thuy Le, VinFast’s Global CEO, conveyed her enthusiasm about this pivotal juncture through a press release. She emphasized that the decision to transition into a U.S.-listed company transcends the realm of a mere financial transaction. Rather, it stands as a resounding affirmation of VinFast’s vision, potential, and unwavering dedication. Le also reiterated the company’s commitment to providing environmentally-conscious electric vehicles that align with global sustainability objectives, all while ensuring accessibility to a wide spectrum of consumers.
Le took the opportunity to extend her appreciation to Black Spade, portraying them as esteemed collaborators who share VinFast’s ambitious drive toward a greener future. Dennis Tam, co-CEO of Black Spade, echoed this sentiment, underlining the NASDAQ listing’s role in amplifying VinFast’s international reach by opening doors to expanded capital access. Tam further emphasized the common objective shared by both entities, aiming to spearhead a fresh era of sustainable mobility through pioneering innovations.
The NASDAQ debut follows closely after VinFast’s groundbreaking ceremony for its inaugural manufacturing establishment in North America. This facility, poised to be a cornerstone of the company’s expansion endeavors, complements VinFast’s preexisting manufacturing complex in Haiphong, Vietnam.
