10-8-2023 (HANOI) Shareholders of Black Spade Acquisition (BSAQ), a Hong Kong-based blank-cheque company, have given their approval for a merger with Vietnam’s electric automaker VinFast. This crucial vote grants VinFast the green light to proceed with its plan to list in the United States later this year, positioning itself to compete with established automakers and emerging startups.
VinFast, which commenced operations in 2019 and recently began delivering cars in California, has been on a two-year journey to go public in the US. The merger with BSAQ marks the final step in this process, allowing VinFast to access the American capital market.
The Securities and Exchange Commission (SEC) confirmed the effectiveness of VinFast’s filing for the merger with Black Spade. In a separate extraordinary shareholder meeting held last month, Black Spade sought and obtained approval for a one-year lifespan extension.
Initially established by Black Spade Capital, the private investment arm of Lawrence Ho, the prominent figure behind Melco Resorts & Entertainment, which operates casinos in Macau and the Philippines, BSAQ’s original intention was to merge with an entertainment company.
The successful merger between Black Spade Acquisition and VinFast opens up new opportunities for the Vietnamese electric automaker to expand its presence and compete on a global scale. With the US listing on the horizon, VinFast aims to make its mark in the electric vehicle market, bringing innovation, sustainability, and cutting-edge technology to the forefront.
