Shareholders of Hong Kong-based blank-cheque company Black Spade Acquisition (BSAQ.A) have approved a merger with Vietnam’s electric automaker VinFast. This approval allows VinFast to list in the United States later this year. VinFast, which began operations in 2019 and recently started delivering cars in California, has been on a two-year journey to go public in the U.S. The company aims to compete with both traditional automakers and startups in the American market.
Last week, the Securities and Exchange Commission (SEC) declared VinFast’s filing to merge with Black Spade effective. This comes after Black Spade held a shareholder meeting last month to vote on extending its lifespan by one year. Originally, Black Spade Acquisition, founded by Black Spade Capital, intended to merge with an entertainment company. However, the merger with VinFast marks a shift in their plans.
The approval from shareholders and the SEC’s declaration are significant milestones for VinFast’s listing in the U.S. market. This merger will provide VinFast with the opportunity to expand its presence and compete with established players in the American automotive industry. The company’s goal is to establish itself as a major player in the electric vehicle market.
VinFast’s merger with Black Spade Acquisition is a strategic move that aligns with the company’s long-term vision. By going public in the U.S., VinFast aims to gain access to capital and resources that will support its growth and development. The company’s entry into the American market will bring new competition and innovation to the electric vehicle sector.
The merger with VinFast represents a new chapter for Black Spade Acquisition. Originally focused on merging with an entertainment company, the decision to merge with VinFast demonstrates the company’s adaptability and willingness to explore new opportunities. This partnership will enable VinFast to leverage Black Spade Acquisition’s resources and expertise to accelerate its growth and establish a strong presence in the U.S.
In conclusion, the approval of the merger between Black Spade Acquisition and VinFast by shareholders paves the way for VinFast’s listing in the U.S. market. This move positions VinFast to compete with established automakers and startups in the electric vehicle industry. The merger represents a strategic decision by both companies to capitalize on the growing demand for electric vehicles and establish a strong foothold in the American market.
