Black Spade Acquisition (NYSE:BSAQ) stock is on the minds of traders on Friday as the company prepares to take Vietnamese electric vehicle (EV) company VinFast public.
Let’s go over everything investors need to know about this agreement below!
VinFast SPAC Merger Details
- The agreement will see special purpose acquisition company ( ) Black Spade take VinFast public.
- This will give the EV maker an equity value of about $23 billion and an enterprise value of roughly $27 billion.
- Investors should also note that Black Spade Acquisition holds $169 million of cash in trust.
- VinFast is choosing to move forward with a SPAC merger instead of an initial public offering ( ) due to poor market conditions.
- When the deal with Black Spade closes, VinFast shareholders will own 99% of the company’s stock.
- VinFast has been pushing into the EV market since it was founded in 2017.
- The company completely switched to EV production and ended its development of gas-powered vehicles in 2022.
- The firm currently offers four EV models in its home country and made its North American debut earlier this year.
- The EV models VinFast offers include the VF e34, VF 8, VF 9 and VF 5. The company released the VF 8 in North America.
- VinFast and Black Spade expect the SPAC deal to close in the second half of 2023.
BSAQ stock is up 1% as of Friday morning.
Investors can find more of the most recent stock market news below!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.