Asia tries out SPACs.... and they like it!
VinFast is a unit of Vietnam's largest conglomerate Vingroup.
VinFast's founder, Vietnam's richest man Pham Nhat Vuong, pledged $2.5 billion in April to bolster the EV maker, including $1 billion from his personal fortune. He is the beneficial owner of 99% of the ordinary shares of the EV maker after the merger.
VinFast plans to build a $4 billion plant in North Carolina and boost car shipments from its factory in Vietnam to the United States, its main target market overseas.
VinFast has shipped nearly 3,000 units to the U.S. and started delivering them from March. The company has not disclosed its sales but according to S&P Global Mobility, it sold only 137 vehicles in the United States through June.
Earlier this year, VinFast ditched a $2 billion ordinary listing for the SPAC merger.
Investors in Black Spade Acquisition cashed out over 80% of their shares after the deal with VinFast, leaving only about $14 million in the company's trust, according to a public filing.