Black Spade Acquisition Co (BSAQ) Shareholders Approve VinFast Deal
by Nicholas Alan Clayton on 2023-08-10 at 11:52am

Black Spade (NYSE:BSAQ) announced this morning that its shareholders approved its $27 billion combination with EV-maker VinFast at a special meeting earlier today.

The deal is expected to close on August 14, after which its shares and warrants are expected to begin trading on the Nasdaq under the symbols “VFS” and “VFSWW” on August 15.

For a deal announced just 91 days ago on May 12 this has been a lightning fast process. Only four other SPACs have gotten to close so far with deals announced in 2023 and the shortest time among them was Colombier, which completed its combination with PSQ Holdings (NYSE:PSQH) in 113 days – more than three weeks longer.

That’s also of course not the only superlative Black Spade and VinFast accomplished.

Their massive combination had the third largest enterprise value of any SPAC deal in history and was by far the largest close since LionHeart II completed its $32.6 billion combination with debt services firm MSP Recovery (NASDAQ:LIFW) in May 2022 and Altimeter Growth got it done with ride-hailing fintech Grab (NYSE:GRAB) in December 2021.

As with any de-SPAC, however, the hard work for VinFast now begins in proving that it is equal to its proposed valuation by performing. According to Black Spade’s F-4, the Vietnamese automaker generated about $343.9 million in revenue in 2022 and it has set an earnout goal for it to hit $1.875 billion in revenue in 2023.

VinFast manufactures a line of four EV cars and SUVs as well as e-scooters and e-buses for the Vietnamese and US markets.

It broke ground on its new North Carolina EV factory earlier this month as a part of its big move to enter the North American market. But its US sales from cars imported from its Southeast Asian factories have gone slower than expected and it reported dropping revenues in the first quarter of the year.


ADVISORS

  • Black Spade Advisors:
    • Jones Trading Institutional Services is serving as financial advisor
  • VinFast Advisors:
    • Chardan is serving as M&A advisor
Recent Posts
by Nicholas Alan Clayton on 2025-05-06 at 8:24am

At the SPAC of Dawn Three new SPACs have gotten in line for IPOs even as the market’s rally appears set to soften in today’s trading. Many eyes will be on the reading of the US’ March trade deficit for signs where the country’s trade policy might shift next. But, policy shifts have also unlocked...

by Nicholas Alan Clayton on 2025-05-05 at 8:10am

At the SPAC of Dawn Last week’s hot streak continues this week in the form of a high volume of votes for SPACs. Two are seeking approvals for their business combinations while six more aim to get the stamp on their extension votes. Investors will also have an eye on upcoming Fed comments on Wednesday...

by Kristi Marvin on 2025-05-03 at 10:02am

Terms Tracker for the Week Ending May 2, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. April wrapped with some real momentum. Over the course of the month, 19 SPACs filed new S-1s, while 12 IPOs priced. Furthermore, nine deal announcements...

by Nicholas Alan Clayton on 2025-05-02 at 3:21pm

ProCap Acquisition Corp. (NASDAQ:PCAPU) has filed for a $200 million SPAC to hunt for a fintech or financial services target. The new S-1 filing was BTIG’s second of the week after a two-month break, bringing its 2025 new SPAC filings to five and the bank has so far managed to IPO five SPACs as well....

by Nicholas Alan Clayton on 2025-05-02 at 12:09pm

MSM Frontier Capital Acquisition Corp. (NASDAQ:MSMUU) has filed for a $225 million SPAC to search for a infrastructure target in Africa. The new SPAC will head out on this expedition with a trust that is not overfunded and units that each contain one right to a 1/8 share. It will also have 24 months to...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved