VinFast to list on US stock market next week

By Dat Nguyen   August 10, 2023 | 07:50 pm PT
VinFast to list on US stock market next week
VinFast electric cars. Photo courtesy of of VinFast
VinFast is set to list on the U.S. Nasdaq Tuesday, after closing a merger with Black Spade Acquisition on Monday.

The company will be traded under ticker VFS and its warrants under VFSWW.

"The voting results today are a vote of confidence in VinFast from Black Spade shareholders," said Thuy Le, Global CEO of VinFast, referring to the approval of the merger by Black Spade shareholders.

The merger was approved by 99.99% of votes cast.

The merger had valued VinFast at $23 billion, the two companies said. In comparison, the current market capitalisation of U.S.-listed EV makers Rivian and Lucid are $21 billion and around $17 billion respectively, according to Reuters.

It leaves VinFast's existing shareholders, including parent company Vingroup and Pham Nhat Vuong, Vietnam's richest man, with 99% of shares in the company.

VinFast, a member of Vingroup JSC, was founded in 2017 and says it plans to drive the movement towards global smart electric vehicles.

Its factory in Hai Phong Province is capable of making 300,000 units in the first phase.

More than 8,300 electric cars were sold in Vietnam last year and the figure can surge to around 18,000 units this year, according to BMI Research, a Fitch Solutions unit.

go to top