MONCURE — VinFast, which recently broke ground on its new electric vehicle manufacturing facility, took its latest step in the company’s expansion into the United States and began trading publicly Tuesday.
Last week, the Vietnamese automotive company and Black Spade Acquisition Group completed its merger, clearing the way for public trading. VinFast and Black Spade completed their deal through a Special Purpose Acquisition Company agreement.
"Becoming a U.S-listed company marks a significant milestone in VinFast's global expansion,” said Madame Thuy Le, Global CEO of VinFast Auto Ltd. “More than just 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.
“I sincerely appreciate the wonderful collaboration with Black Spade as our respected partners who are joining us in our 'boundless together' journey towards a greener future for us and future generations."
The company, now known as VinFast Auto Ltd., began trading under the ticker symbols "VFS" and "VFSWW" on the Nasdaq exchange.
The deal values VinFast at $23 billion, according to CNBC. VinFast, a subsidiary of Vietnam-based Vingroup, was originally founded in 2017.
The valuation, which was calculated using rival EV maker Lucid as the benchmark, is the fourth-highest for such special purpose acquisition company (SPAC) deals, according to data in a report from Reuters.
Some of VinFast's rivals, including Nikola Corp and Lucid, have seen their valuations plunge after their SPAC listings. Nikola now commands a market value of $1.4 billion, versus $13.9 billion before listing, while Lucid has a current market value of $15.5 billion, versus $24 billion during its 2021 SPAC deal, according to Reuters.
As a result of the successful business combination, Black Spade became a wholly owned subsidiary of VinFast and is expected to be delisted from the New York Stock Exchange.