Vietnamese electric automaker VinFast said on Friday it will list in the United States via a merger with special purpose acquisition company (SPAC) Black Spade Acquisition Co .
, Vietnam's biggest conglomerate, and founder Pham Nhat Vuong, Vietnam's first billionaire and richest man.
The transaction is expected to close in the second half of 2023, it said, adding existing shareholders of VinFast will hold approximately 99% of the shares of the combined company.for an initial public offering in the U.S. to list on the Nasdaq under ticker symbol "VFS" in December last year, aiming to raise about $60 billion.
The company has said it has almost 55,000 orders globally and is able to churn out 300,000 EVs per year. It was founded by Black Spade Capital Limited, the private investment arm of Lawrence Ho, the head of Melco Resorts & Entertainment Ltd , which operates casinos in Macau and the Philippines, according to the company's website and Refinitiv.
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