Friday saw Vietnamese electric automaker VinFast (VFS.O) join SPAC Black Spade Acquisition Co (BSAQ.N) to list in the U.S.
“Assuming no BSAQ shareholders elect to have their Black Spade shares redeemed for cash as permitted,” VinFast and Black Spade said, the combined entity will have an enterprise value of $27 billion and an equity value of $23 billion.
After the merger in the second half of 2023, VinFast investors will own 99% of the combined firm.
VinFast, which started selling EVs in California this year, filed for a Nasdaq IPO under “VFS” in December 2018.
Hong Kong-based SPAC Black Spade Acquisition listed on the NYSE in mid-July 2021 with a two-year plan to merge with an entertainment firm, according to its website.
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