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
Black Spade Acquisition Co (BSAQ) Shareholders Approve VinFast Deal
Recent Posts
by Nicholas Alan Clayton on 2025-07-14 at 11:13am

Trailblazer (NASDAQ:BLZRU) has filed for a $200 million SPAC to bring a first-time team to market with serial sponsor terms. The new SPAC is offering investors a 1/3 warrant in each unit and it is the first SPAC filed so far this month with 24 months on its initial transaction clock. All other July SPACs...

by Kristi Marvin on 2025-07-14 at 9:19am

This week, we speak with Kyivstar CEO Oleksandr Komarov about the company’s $2.2 billion dollar combination with Cohen Circle Acquisition Corp. I (NASDAQ:CCIR). Few companies have been had to forge themselves in the flames recently quite like Ukraine’s leading telecom and digital services provider Kyivstar. Now, Kyivstar is not only telling that story but pitching it to...

by Nicholas Alan Clayton on 2025-07-14 at 8:30am

At the SPAC of Dawn The market still has one full trading session before it adds Tuesday’s Core CPI reading and a variety of Fed comments to messaging it is already ingesting on US President Donald Trump’s ever-shifting tariff policy. SPACs are meanwhile continuing on with business as usual, with Cayson (NASDAQ:CAPN) announcing the third...

by Kristi Marvin on 2025-07-12 at 10:02am

Terms Tracker for the Week Ending July 11, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. One more IPO priced this week bringing July’s total to 8. However, there are still three more weeks left in the month so that number...

by Nicholas Alan Clayton on 2025-07-11 at 8:24am

At the SPAC of Dawn Lately de-SPACs have been announcing corporate moves of a kind frequently in trios as was the case earlier this week when WeBull (NASDAQ:BULL), AST SpaceMobile (NASDAQ:ASTS) and Quantum-Si (NASDAQ:QSI) all announced major equity raises. This week, it is a trio of de-SPACs making reverse stock splits in unison, which is...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved