According to Reuters this Friday, VinFast, a Vietnamese electric vehicle manufacturer, said it expects to be listed on Nasdaq as early as next week (August 14-August 20) in the form of a SPAC (Special Purpose Acquisition) as a listed company.
According to reports, after VinFast announced the news, the stock price of its parent company Vingroup rose by nearly 7% on Friday, and the stock price per share was about 3.06 US dollars, setting a new high for the year.
On Thursday, VinFast’s SPAC partner, Hong Kong-based Black Spade, was approved to merge with VinFast. The two parties have claimed in a joint statement that the company will be listed on Nasdaq around August 15th under the stock code VFS. After the merger, the valuation of VinFast will reach 23 billion US dollars. For comparison, the market value of Rivian, which is also an overseas “new car-making force”, is about 21 billion US dollars and Lucid’s market value is about 16 billion US dollars.
The SPAC merger will not raise new funds for VinFast, but the company’s founder Pan Riwang has always supported a US listing, which will help the company further expand the US market and build a factory in North Carolina.
It was previously reported that VinFast has exported about 3,000 VF 8 pure electric SUVs to the United States, and deliveries began in March this year.
▲ Picture source VinFast official website
