Vietnamese automaker VinFast Auto Ltd. (VinFast) and Black Spade Acquisition Co (Black Spade) have on Monday announced the completion of their previously announced business combination.

The listed company following the business combination is VinFast Auto Ltd., and its shares and warrants will commence trading on the Nasdaq Stock Market LLC (Nasdaq) under the ticker symbols “VFS” and “VFSWW,” respectively, on August 15, 2023, VinFast said in a statement.

The announcement of the completion of the business combination comes after Black Spade’s shareholders voted to approve the transaction on August 10, 2023.

As a result of the business combination, Black Spade became a wholly owned subsidiary of VinFast and is expected to be delisted from the NYSE American LLC.

“Becoming a United States-listed company marks a significant milestone in VinFast’s global expansion,

“More than just a transaction on the stock market, going public reflects a powerful vote of confidence in our vision and potential, as well as fulfills our pledge to make smart, safe, and environmentally friendly electric vehicles accessible to everyone,” said Thuy Le, Global Chief Executive Officer of VinFast Auto Ltd.

Meanwhile, Black Spade Chairman and Co-Chief Executive Officer Dennis Tam said that VinFast has developed an engaging array of smart, safe, and eco-friendly electric vehicle (EV) models.

“We are confident that VinFast will maintain its commitment to offering high-quality products accompanied by outstanding after-sales services,” he said.

According to him, a listing on the Nasdaq will enhance VinFast’s global outreach by facilitating even wider access to capital.

“Driven by a shared aspiration to shape a better future through innovation, we anticipate our collaboration with VinFast to bring about a fresh chapter of sustainable mobility,” he added.

VinFast – a member of Vingroup JSC – is Vietnam’s leading automotive manufacturer committed to its mission of creating a green future.

The firm manufactures and exports a portfolio of electric sports utility vehicles (SUVs), e-scooters and e-buses across Vietnam, the United States, and, soon, Europe.

Black Spade is a blank check company incorporated for the purpose of effecting a business combination.

The firm 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.

Black Spade’s shareholders approve business combination with VinFast