EV maker VinFast set to list on Nasdaq in rare SPAC venue switch
It’s somewhat unusual for VinFast to list on a different exchange than the one its blank-check company is traded on. In a typical SPAC merger, the blank-check company’s backers receive new stock in the combined firm in exchange for their old SPAC shares, which are canceled and delisted.
Although Black Spade is NYSE American-listed, VinFast’s prospectus ahead of the vote said the company intended to apply to list on either the NYSE, NYSE American or the Nasdaq.
An equity valuation of $23 billion, or $27 billion including debt, would mean VinFast will trade at a premium to most peers including Rivian Automotive Inc. and Nikola Corp., according to Bloomberg Intelligence analysts Ken Foong and Siti Nur Fairuz Khalil.
Around 99.99 percent of Thursday’s votes were cast in favor of the merger. VinFast and Black Spade expect to close the combination on Aug. 14.
VinFast last month broke ground at its North Carolina factory. The plant is expected to have an initial capacity to make 150,000 vehicles a year, and the company plans to begin production in 2025.
