Black Spade (NYSE:BSAQ) announced that it has closed its combination with Vietnamese EV-maker VinFast and the combined company’s shares and warrants will begin trading under the symbols “VFS” and “VFSWW” tomorrow, August 15.
The speed of the deal’s close has been one of SPACland’s stunners in 2023. Black Spade managed to get the transaction from official announcement to shareholder approval in just 91 days and now it is now set to trade just two business days later.
Meanwhile, SPAC deals on average have taken about eight months to get from announcement to close so far in 2023. Black Spade’s speed might be explainable if the deal was small, simple and domestic, but it actually is none of those things.
Vietnam-based VinFast company manufactures a line of four EV cars and SUVs as well as e-scooters and e-buses for the Vietnamese and US markets. The two sides announced their $27 billion deal in May.
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
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