Hong Kong’s blank-check company, Black Spade Acquisition (BSAQ.A), has received shareholder approval for its merger with Vietnam’s prominent electric automaker, VinFast. This crucial decision now sets the stage for VinFast’s anticipated entry into the U.S. market later this year.
VinFast, which commenced its operations in 2019 and recently began delivering cars in California, has successfully navigated a two-year journey to gain approval for its U.S. public listing. The merger’s approval grants VinFast the green light it needed to proceed in its pursuit of becoming a competitive force in the U.S. automotive sector, aiming to establish its presence among both traditional automakers and emerging startups.
The final vote for the merger took place after the Securities and Exchange Commission (SEC) officially declared VinFast’s filing effective. The merger entails the collaboration between VinFast and Black Spade, which was initially established by Black Spade Capital, the private investment division of Lawrence Ho. Ho, renowned for his leadership role at Melco Resorts & Entertainment, an operator of casinos in Macau and the Philippines, had originally envisioned Black Spade Acquisition to merge with an entertainment-oriented company.
