VinFast Auto Pte. Ltd.and Black Spade Acquisition today announced that the SEC has declared effective the registration statement on Form F-4 of the Vietnam-based EV maker.
Black Spade scheduled a shareholders meeting Aug. 10 to vote on the deal.
The business combination values VinFast at an enterprise value of $27 billion and an equity value of $23 billion. The transaction is expected to close followed by the listing of VinFast in August.
Black Spade earlier this month secured shareholder approval for an extension on closing the deal up to July 2024.
VinFast sustained a setback in May, announcing a recall of all of the first batch of vehicles it shipped to the United States last year following a safety warning issued by U.S. authorities.
The move came after the U.S. National Highway Traffic Safety Administration (NHTSA) said 999 of VinFast’s VF 8 vehicles suffered a software error in the dashboard display that prevented critical safety information from being shown and “may increase the risk of a crash”.
The EV maker broke ground this week in Chatham County, NC on a $4 billion, 2.8 million square foot manufacturing plant. The automaker expects to hire 7,500+ to work at the facility. Read more.
