VinFast’s SPAC merger nabs shareholder approval, will debut on Nasdaq next week

After nearly two years of saying it was planning to do so, VinFast has a clear runway to publicly list on the Nasdaq, following approval by shareholders of Black Spade to complete a SPAC merger. With a formal filing expected to close quickly, we could see VinFast’s new ticker symbols scrolling the Nasdaq as early as next week.

From our very first coverage of VinFast just before its US debut at the LA Auto Show in 2021, we’ve shared the Vietnamese automaker’s intentions for an IPO. As we’ve mentioned several times in the past, the automotive subsidiary of VinGroup has lived up to the “fast” in its name, but that level of acceleration in a global rollout comes with its fair share of speed bumps.

As a result, VinFast’s Nasdaq listing had yet to come to fruition, but the automaker never stopped indicating its intentions to join the US stock market. VinFast’s next biggest IPO update came in December of 2022, as we learned it had publicly filed the necessary form with the SEC to begin its process toward an initial public offering.

Production woes have stymied the young company in 2023, necessitating a cash injection of $2.5 billion from VinGroup chairman Pham Nhat Vuong. Despite fresh funding, VinFast announced plans to go the SPAC Merger route a month later, proposing a business combination with Black Spade Acquisition Co. ($BSAQ) in a deal worth over $23 billion in equity value.

In late July, the SEC officially approved VinFast’s SPAC merger, pending an approval vote from Black Spade shareholders. Today, VinFast confirmed the merger got the green light, setting the stage for a Nasdaq listing.

VinFast to go public on Nasdaq as “VFS” next week

According to VinFast, its business combination with Black Spade is expected to close on August 14, 2023, enabling the Vietnamese EV automaker to begin trading on the Nasdaq “on or around August 15.” The company’s new ticker symbols will be “VFS” and “VFSWW.”

Following the closing of the merger, VinFast will remain as the combined company with its ordinary shares and warrants officially trading on the US market. Black Spade chairman and co-CEO Dennis Tam spoke to today’s approval vote:

We are thrilled to announce that our shareholders have overwhelmingly approved the Business Combination, demonstrating their continued confidence in the vision and potential of the partnership between Black Spade and VinFast. The proposals related to the Business Combination received resounding support from our shareholders, with approximately 99.99% of votes cast in favor of approving the Business Combination. Thanks to our shareholders’ unwavering support, we are one step closer to the exciting milestone of taking VinFast public.

VinFast says the official voting results will be made public in Form 8-K that will soon be filed with the SEC by Black Spade Acquisition Co. VinFast global CEO Madame Thuy Le also spoke:

The voting results today are a vote of confidence in VinFast from Black Spade shareholders. I am proud of the achievements we have accomplished so far and filled with eager anticipation for the exciting and promising opportunities that this collaboration will bring in the future.

VinFast recently broke ground on its first US production facility in North Carolina and continues to try and expand to new global markets.