On August 10, 2023, VinFast Auto Ltd. (“VinFast”) and Black Spade Acquisition Co (“Black Spade”) confirmed the endorsement of their impending business merger by Black Spade shareholders at an extraordinary general meeting (EGM).
Why It Matters
This merger symbolizes a strategic collaboration between the two entities, leveraging their strengths and market positions. With VinFast set to go public on the Nasdaq, it introduces a new dynamic to the automobile sector, potentially reshaping market strategies and competitive landscapes.
Key Points
- The proposed business merger received approval on August 10, 2023, during Black Spade’s EGM.
- The merger is slated for completion by August 14, 2023.
- Following the merger’s finalization, VinFast’s ordinary shares and warrants are projected to initiate trading on the Nasdaq under the ticker symbols “VFS” and “VFSWW” around August 15, 2023.
- Madame Thuy Le, Global CEO of VinFast Auto Ltd., emphasized the shareholders’ vote as a testament to VinFast’s industry potential and expressed optimism about future prospects from this collaboration.
- Mr. Dennis Tam, Chairman and Co-CEO of Black Spade Acquisition Co, highlighted the overwhelming shareholder approval, noting that nearly 99.99% of votes supported the business merger. He expressed gratitude for the shareholders’ trust and anticipation for VinFast’s upcoming public debut.
Bottom Line
This merger’s approval signifies the union of VinFast and Black Spade and the industry’s confidence in their collaborative vision. With VinFast’s shares soon to be available on the Nasdaq, market watchers and investors should keep a keen eye on the developments stemming from this significant business merger.
