VinFast, a Vietnamese electric-vehicle maker, plans to list its shares on the Nasdaq Global Select Market during the third quarter after merging with a special purpose acquisition company (SPAC), according to an anonymous source.
The company representative said that VinFast and Black Spade Acquisition Co. will discuss and decide whether to list VinFast on the New York Stock Exchange or Nasdaq and will announce more information about the listing at the appropriate time, the Bloomberg reported.
VinFast had prepared for a traditional IPO before the capital markets became “very challenging” during the last 18 months, which is why the company opted to merge with a SPAC company. The deal is expected to be completed by July 20 and would give VinFast an equity value of about $23 billion.
VinFast is a Vietnamese automaker that was established in 2017 and is a member of Vingroup – the largest private corporation in Vietnam.
The company is Vietnam’s first global automaker and has become the #1 car seller in all of its competing segments within just 21 months of launching in Vietnam. VinFast is dedicated to electric vehicles in the U.S. market.