VinFast Auto and Black Spade Acquisition announced the completion of their business combination. VinFast shares and warrants began trading today on the Nasdaq under the ticker symbols VFS and VFSWW.
VinFast stock took off like a bottle rocket today, hitting $22 — more than twice the $10 per share agreed with Black Spade.
From announcement to closing, the deal took barely three months. This, despite the Vietnam EV maker posting lower than expected revenues for the first quarter — and after VinFast voluntarily recalledsaid it is recalling 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 recall came just two weeks after the SPaC deal was announced at an enterprise value of $27 billion. Read more.
