Vietnamese automaker VinFast Auto Ltd. (VinFast) and Black Spade Acquisition Co (Black Spade) have on Thursday announced that their previously announced business combination was approved at an extraordinary general meeting (EGM) of Black Spade’s shareholders.
The business combination is expected to close on August 14, 2023, VinFast said in a statement.
Upon such closing, VinFast will remain as the combined company, and its ordinary shares and warrants are expected to begin trading on the Nasdaq Stock Market LLC (Nasdaq) under the new ticker symbols “VFS” and “VFSWW” respectively, on or around August 15, 2023.
“The voting results are a vote of confidence in VinFast from Black Spade shareholders,
“I am proud of the achievements we have accomplished so far and filled with eager anticipation for the exciting and promising opportunities that this collaboration will bring in the future,” said Thuy Le, Global Chief Executive Officer of VinFast.
Black Spade Chairman and Co-Chief Executive Officer Dennis Tam said the firm the approval demonstrates the firm’s shareholders continued confidence in the vision and potential of the partnership between Black Spade and
VinFast.
“The proposals related to the business combination received resounding support from our shareholders, with approximately 99.99 percent of votes cast in favor of approving the business combination……we are one step closer to the exciting milestone of taking VinFast public,” he said.
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 electric sports utility vehicles (e-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 (i.e., maximum number of vehicles that can be constantly manufactured in a year with additional shifts per day throughout the year) of up to 300,000 units per year in phase 1.
The company also became a fully electric vehicle (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.
It has also exported first VF 8 EVs to North America earlier this year.
Earlier in July 28, the firm broke ground for the construction of its EV manufacturing site in North Carolina.
Listed on the NYSE American, Black Spade 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.
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