EV Maker VinFast Worth More than GM, Ford, in DeSPAC Debut on Nasdaq

VinFast Auto Ltd. soared in its debut Tuesday as a public company, vaulting its market capitalization beyond that of General Motors and Ford Motor Co., as traders flipped shares of the electric-vehicle maker, Bloomberg reports.

The Vietnamese company, which went public in a deal with Black Spade Acquisition, is worth about $85 billion after shares soared on the opening day of trading, rising to $37.06 — up more than 270% from the SPAC’s IPO price and more than tripling the deal’s $23 billion implied equity value. Read more.

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Delaware Chancery Court Issues Precedential Decision Dismissing Claims Challenging “De-SPAC” Merger Disclosures

In the seminal SPAC case, In re MultiPlan Corp. Stockholders Litigation, the Court of Chancery held that claims alleging misleading proxy disclosures impaired SPAC stockholders’ ability to decide whether to redeem their shares and recoup their initial investment or hold the shares and become stockholders in the acquired company are direct, rather than derivative claims.