While construction on its $4 billion plant is underway in Chatham County, Vietnamese electric vehicle maker VinFast began trading on the Nasdaq Tuesday as Black Spade Acquisition Company shareholders agreed to approve the merger with VinFast Thursday.
“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,” said Mr. Dennis Tam, Chairman, and Co-CEO, Black Spade Acquisition Co,
The merger will value the company at approximately $27 billion with an equity value of $23 billion. After the transaction, existing shareholders of VinFast would hold about 99% shares of the combined company.
“The voting results today are a vote of confidence in VinFast from Black Spade shareholders,” said Madame Thuy Le, Global CEO of VinFast Auto Ltd. “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.”
On July 13, shareholders of Black Spade Acquisition Company, the special-purpose-acquisition company (SPAC) that VinFast was supposed to merge with on July 20, decided to extend the company’s lifespan by another year. The vote gave the SPAC until July 20, 2024, to merge with the company.
In connection with the extension, shareholders redeemed approximately $147 million, or over 80% of their shares, leaving $28.56 million in the trust account.
The groundbreaking of the EV manufacturing plant in Triangle Innovation Point, Moncure, Chatham County, held July 28, is the company’s first entry into the U.S. vehicle market. It will also be North Carolina’s first auto manufacturing plant.