U.S. Securities & Exchange Commission validates VinFast’s merger & IPO plans

U.S. Securities & Exchange Commission validates VinFast’s merger & IPO plans

Vietnamese automotive manufacturer VinFast LLC has announced that the US Securities & Exchange Commission (SEC) has a validated its F-4 filing, paving the way for its planned IPO and public listing in the North American market. VinFast has ambitious plans for debut in North American market and the company is moving ahead with an impressive electric vehicle.

The Asian EV manufacturer wants to get listed on the Nasdaq. Application for the initial public offering (IPO) was filed by the manufacturer in December 2022. In May this year, the automaker revealed that it wanted to get listed in the U.S. through a merger with special purpose acquisition company (SPAC), called Black Spade Acquisition Co.

The announcement about the validation of VinFast's F-4 filing was made at the company’s ground-breaking event for its upcoming manufacturing facility in North Carolina. Apart from the company’s senior executives, the ground-breaking event was attended by a number of high-profile political figures, including North Carolina Gov. Roy Cooper, who promised every possible assistance to support the Vietnamese manufacturer.

The validation of VinFast’s filing by the SEC has almost cleared the automakers proposed business merger with Black Spade, which will in turn pave the way for the company’s public listing on the American stock exchange.

Le Thi Thu Thuy, VinFast’s global Chief Executive Officer (CEO), described the validation of the application as a “remarkable milestone” in the company’s advancing presence in the American market.

Speaking on the topic, Thuy Le said, “Today represents a remarkable milestone in advancing VinFast's presence in the U.S. as we move towards our proposed U.S. listing. Along with this exciting step, today we also celebrate the start of construction of our electric vehicle (EV) factory in North Carolina.”

Black Spade’s Chairman & Co-CEO Dennis Tam also described the declaration of the SEC validation is a “significant step” towards the successful completion of the Black Spade’s merger with VinFast. He stressed that he and his team members diligently sought out a partner that aligns with the company’s vision.

VinFast, which commenced operations in 2019, is one of the fastest expanding EV manufacturers in the world. Its enterprise and equity values have been estimated at $27 and $23 billion, respectively.

Meanwhile, Black Spade is preparing for a special meeting of shareholders, the Extraordinary General Meeting, which is scheduled to take place on 10th of August this year to approve the merger plans.