Several automakers and suppliers have recently chosen to go public through special purpose acquisition companies (SPAC). One of these companies is VinFast Auto, a Vietnamese automotive company that has been gaining attention in the industry. VinFast is now taking the SPAC route to achieve its long-promised initial public offering (IPO) in the US.
VinFast is currently expanding in Europe and preparing to establish a manufacturing plant in North Carolina, it’s progressing more quickly than any other automaker on the planet.
To fulfill its IPO plans in the US, VinFast Auto has entered into a business agreement with Black Spade Acquisition Co. The transaction is projected to conclude in the second half of 2023, with VinFast’s valuation at around $27 billion (£21.6 / €24.8 billion) and an equity value of $23 billion (£18.4 / €21.1 billion).
According to a Form 8-K filing with the US Securities and Exchange Commission, each ordinary share in VinFast will have a…
