Automaker VinFast and the Black Spade Acquisition Co. (NYSE: BSAQ) announced on August 10 that their previously announced business combination was approved at an extra-ordinary general meeting (EGM) of Black Spade’s shareholders on the same day.
Official results of the vote will be included in a report to be filed by Black Spade with the US Securities and Exchange Commission (SEC).
The business combination is expected to close on August 14. Upon the closing, VinFast will remain as the combined company, and its ordinary shares and warrants are expected to begin trading on Nasdaq under the new tickers “VFS” and “VFSWW”, respectively, on or around August 15.
Ms. Thuy Le, Global CEO of VinFast, said the results are a vote of confidence in VinFast from Black Spade shareholders. “I am proud of the achievements we have accomplished so far and filled with eager anticipation for the exciting and promising opportunities that this cooperation will bring in the future,” she added.
“We are thrilled to announce that our shareholders have overwhelmingly approved the business combination, demonstrating their continued confidence in the vision and potential of the partnership between Black Spade and VinFast,” said Mr. Dennis Tam, Chairman and Co-CEO of Black Spade. “The proposals related to the business combination received resounding support from our shareholders, with approximately 99.99 per cent of votes cast in favor. Thanks to our shareholders’ unwavering support, we are one step closer to the exciting milestone of taking VinFast public.”
A member of Vingroup, VinFast was founded in 2017 and is envisioned to drive the global electric vehicle (EV) revolution. It manufactures and exports a portfolio of e-SUVs, e-scooters, and e-buses in Vietnam, North America, and, soon, Europe. The company operates a state-of-the-art automotive manufacturing complex in northern Hai Phong city that boasts up to 90 per cent automation and an annual production capacity of up to 300,000 units in the first phase.
It is committed to its mission of creating a sustainable future for everyone. The company became a fully EV manufacturer in 2022, and has since delivered four EV models - VF e34, VF 8, VF 9, and VF 5 - to customers in Vietnam. VinFast reached an important milestone on its journey to becoming a recognized global EV brand, with its first VF 8 EVs exported to North America earlier this year.
On July 28, it broke ground for the construction of an EV manufacturing facility in North Carolina, marking a significant step in its global expansion and supply chain development in North America.
Black Spade, listed on the NYSE American, was founded by Black Spade Capital, which runs a global portfolio consisting of a wide spectrum of cross-border investments, and consistently seeks to add new investment projects and opportunities to its portfolio.
Additional information about the proposed transaction, including a copy of the business combination agreement, is available in Black Spade’s Current Report on Form 8-K, filed on May 12 with the SEC, at www.sec.gov.
More information on the proposed transaction is available in VinFast’s registration statement on Form F-4 that includes BSAQ’s proxy statement and VinFast’s prospectus in relation to the business combination, which was first filed with the SEC on June 15.
This announcement contains certain forward-looking statements within the meaning of US federal securities laws with respect to the proposed transaction between VinFast and Black Spade, including statements regarding the benefits of the transaction, the anticipated benefits of the transaction, VinFast or Black Spade’s expectations concerning the outlook for VinFast’s business, productivity, plans, and goals for product launches, deliveries and future operational improvements and capital investments, operational performance, future market conditions, or economic performance and developments in the capital and credit markets and expected future financial performance, as well as any information concerning possible or assumed future results of operations of VinFast.
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