On August 13th, according to Reuters, Vietnamese electric car manufacturer VinFast announced that it expects to go public on NASDAQ as a SPAC (Special Purpose Acquisition Company) as early as next week (August 14th-20th).
After VinFast announced this news, its parent company Vingroup’s stock price rose nearly 7% on Friday, with a share price of approximately $3.06, reaching a new high for the year.
On Thursday, VinFast’s SPAC partner – Black Spade, headquartered in Hong Kong, was approved for the merger with VinFast. The companies jointly announced that they will be listed on NASDAQ around August 15th with the stock code VFS, and VinFast’s valuation will reach $23 billion after the merger. As a comparison, Rivian’s market value is about $21 billion and Lucid’s market value is about $16 billion.
The SPAC merger will not raise new funds for VinFast, but the company’s founder, Pham Nhat Vuong, has always supported going public in the United States, which will help the company further expand its US market and build a factory in North Carolina.
Previously, it was reported that VinFast had exported about 3,000 VF 8 electric SUVs to the United States and began delivering them in March of this year.
Image source: VinFast official website
