Vietnamese automaker VinFast Auto Pte. Ltd. (VinFast) and special purpose acquisition company Black Spade Acquisition Co (Black Spade) have announced that the U.S. Securities and Exchange Commission (SEC) has declared effective the registration statement of their proposed business combination.

VinFast said in a statement on Friday Black Spade has scheduled the extraordinary general meeting of shareholders (EGM) to approve the proposed business combination with VinFast to be held on August 10.

The business combination values VinFast at an enterprise value of $27 billion and an equity value of $23 billion.

The transaction is expected to close followed by the listing of VinFast in August 2023, subject to shareholder approvals and other customary closing conditions.

“Today represents a remarkable milestone in advancing VinFast’s presence in the U.S. as we move towards our proposed U.S. listing,” said Madame Thuy Le, Global Chief Executive Officer of VinFast Auto Pte. Ltd.

“Along with this exciting step, today we also celebrate the start of construction of our electric vehicle (EV) factory in North Carolina,

“These achievements will help accelerate our commitment to the global green mobility revolution and our mission to help consumers make the switch to an electric vehicle (EV) easier and more accessible, while also opening a strategic capital-raising avenue for our global ambitions,” she added.

Black Spade Acquisition Co Chairman and Co-Chief Executive Officer Dennis Tam said that the declaration of the SEC effectiveness is a significant step towards the successful completion of the business combination between Black Spade and VinFast.

“We have diligently sought out a partner that aligns with our vision, and we are confident that this merger will position us for long-term success,” he said.

He said the firm anticipates that the global lifestyle paradigm shift towards electric mobility will accelerate further and that VinFast will continue to distinguish itself as a trailblazer in the global EV arena.

“We are delighted to collaborate with the entire VinFast leadership team as they bring their highly anticipated full range EV models to the global market, instigating a significant transformation in the EV landscape,” he added.

VinFast, a member of Vingroup Jsc, was founded in 2017 and envisioned to drive the movement of global smart electric vehicle revolution.

VinFast manufactures and exports a portfolio of e-sport utility vehicle (SUVs), e-scooters and e-buses across Vietnam, North America, and, soon, Europe.

The company operates a state-of-the-art automotive manufacturing complex in Hai Phong that boasts up to 90 percent manufacturing automation and an annual production capacity of up to 300,000 units per year in phase 1.

The company became a fully EV manufacturer in 2022, and has since delivered four EV models: VF e34, VF 8, VF 9 and VF 5 to customers in Vietnam to date.

VinFast also crossed an important milestone on the journey to becoming a recognized global EV brand with its first VF 8 EVs exported to North America earlier this year.

Black Spade, listed on the New York Stock Exchange, was founded by Black Spade Capital, which runs a global portfolio consisting of a wide spectrum of cross-border investments, and consistently seeks to add new investment projects and opportunities to its portfolio.

Vietnam’s VinFast to list in United States via SPAC