Shareholders of Black Spade Acquisition, which planned to merge with Vietnam’s electric automaker VinFast by this month to begin a U.S. listing, voted today to extend its deadline by a year.
The vote gives the Hong Kong-based SPAC until July 20, 2024 to merge with a target company. Its shareholders have not yet voted on the merger with VinFast, Reuters reports.
At announcement in May, the deal had an equity value of over $23 billion. The SPAC has approximately $169 million of cash in trust, which will go to VinFast, less any redemptions.
Following a July 2021 IPO, Black Spade was initially targeting the entertainment industry, with a focus on enabling technology, lifestyle brands, products, or services and entertainment media, primarily in Asia. Read more.
