VinFast is expected to list on the Nasdaq on August 15 after shareholders Black Spade approved the business combination plan at a special shareholders' meeting today.
The merger transaction is expected to complete on August 14.
VinFast common shares and warrants are expected to begin trading on the Nasdaq Stock Market on August 15, under the new listing codes VFS and VFSWW, respectively.
“Today’s voting results demonstrate the trust that Black Spade shareholders have in VinFast,” said Ms. Le Thi Thu Thuy, Vingroup Vice President and Global CEO of VinFast. “I am proud of what we have achieved so far and am full of expectations for the new journey.”
According to Mr. Dennis Tam, Chairman and CEO of Black Spade, the shareholders approved the business combination "demonstrating their confidence in the vision and potential of the relationship between Black Spade and VinFast". The proposals related to the business combination received 99.99% of the votes in favor.
VinFast is a subsidiary of Vingroup and was established in 2017. With the mission of building a sustainable future, VinFast has completely switched to producing electric vehicles by 2022. Currently, VinFast has developed a comprehensive electric vehicle ecosystem including electric SUVs (from minicars to 5 basic segments: ABCDE), electric motorbikes and electric buses.
VinFast cars are sold in Vietnam, North America and soon Europe. VinFast owns a car manufacturing facility in Hai Phong , with an automation rate of up to 90% and an annual production capacity of up to 300,000 cars in phase 1.
VinFast electric car models delivered to the Vietnamese market include: VF e34, VF 8, VF 9 and VF 5. In early 2023, VinFast exported the first two batches of VF 8 cars to North America. On July 28, the company started construction of an electric vehicle factory in North Carolina.
Black Spade was founded by Black Spade Capital and is listed on the NYSE American Stock Exchange. Black Spade Capital operates a portfolio that includes a variety of cross-border investments and is constantly looking for opportunities to expand this portfolio.
Minh Son
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