Vinfast and Black Spade announced that Black Spade shareholders have approved the business merger plan.

August 10, 2023 – VinFast Auto Pte. Ltd. (“VinFast”) and Black Spade Acquisition Co (NYSE: BSAQ) (“Black Spade”) announced that Black Spade shareholders approved the proposed business combination at the Special General Meeting of Shareholders (“EGM”) held on August 10, 2023.

The official results of the vote will be included in a Form 8-K report filed by Black Spade with the U.S. Securities and Exchange Commission (“SEC”).

The merger transaction is expected to be completed on August 14, 2023. Following the transaction, VinFast will operate as a consolidated company. VinFast common shares and warrants are expected to begin trading on Nasdaq Stock Market LLC (“Nasdaq”) on, or about, August 15, 2023, under the new listing symbols “VFS” and “VFSWW”, respectively.

Ms. Le Thi Thu Thuy, Vice President of Vingroup and CEO of VinFast Global, said: “ Today’s voting results demonstrate the trust that Black Spade shareholders have in VinFast. I am proud of what we have achieved so far and am full of expectations for the new, exciting and potential journeys that this cooperation will bring in the future .”

“ We are pleased to announce that our shareholders have overwhelmingly approved the Business Combination, demonstrating their confidence in the vision and potential of the Black Spade-VinFast partnership,” said Dennis Tam, Chairman and CEO of Black Spade. “The proposed Business Combination has received overwhelming support from Black Spade shareholders, with approximately 99.99% of the votes cast in favor of approving the Business Combination. Thanks to the unwavering support of our shareholders, we are one step closer to achieving a proud milestone - making VinFast a publicly listed company in the US .”

VinFast is a subsidiary of Vingroup and was established in 2017. With the mission of building a more sustainable future for everyone, VinFast has completely switched to electric vehicle production by 2022. Currently, VinFast has successfully developed a comprehensive electric vehicle ecosystem including electric SUVs (from minicars to 5 basic segments: ABCDE); electric motorbikes and electric buses. VinFast's vehicles are sold in Vietnam, North America and soon Europe. VinFast owns a modern automobile manufacturing facility in Hai Phong , Vietnam with an automation rate of up to 90% and an annual production capacity of up to 300,000 vehicles 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 also exported the first two batches of VF 8 cars to North America, marking an important milestone in its journey to becoming a globally recognized electric vehicle brand. On July 28, VinFast started construction of an electric vehicle factory in North Carolina, marking a major step forward in the company's global expansion and supply chain development in the North American market.

Black Spade was founded by Black Spade Capital and is listed on the NYSE American Stock Exchange. Black Spade Capital currently operates a portfolio consisting of multiple cross-border investments and is constantly looking for opportunities to expand this portfolio.

Additional information regarding the merger transaction, including a copy of the merger agreement, is provided in the Report on Form 8-K filed by BSAQ with the U.S. Securities and Exchange Commission ("SEC") on May 12, 2023 at www.sec.gov .

Details of the merger transaction are also described in VinFast's registration statement, including BSAQ's shareholder consultation and VinFast's prospectus relating to the business combination filed with the SEC on June 15, 2023.

Vietnam.vn