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Tuesday, June 18, 2024

VinFast gears up for U.S. Nasdaq listing next week

The Saigon Times

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HCMC – Vietnamese automaker VinFast is poised to make its debut on the U.S. Nasdaq stock exchange on August 15, following the green light for its merger with a special purpose acquisition company, reported the local media.

Hong Kong-based special acquisition company Black Spade Acquisition announced that its shareholders endorsed the merger with VinFast during an extraordinary general meeting on August 10.

VinFast’s shares and warrants are slated to commence trading on the Nasdaq on August 15, denoted by the tickers VFS and VFSWW, respectively.

Dennis Tam, chairman and co-CEO of Black Spade, said that the merger propositions secured an overwhelmingly favorable 99.99% of the votes, highlighting the strong confidence in the promising collaboration between Black Spade and VinFast.

Last December, VinFast submitted its application for an initial public offering on the Nasdaq. However, in May, the company shifted its strategy toward listing by merging with Black Spade.

Black Spade, which is listed on the NYSE American, was established by Black Spade Capital. This entity manages a global portfolio encompassing diverse cross-border investments and consistently seeks to enrich its portfolio with new investment ventures and opportunities.

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