Green light from the SEC
A condition precedent to the completion of the merger was a vote by Black Spade shareholders. They voted in favor of the transaction on August 10. The Securities and Exchange Commission (SEC, the police of the US Stock Exchange) had already given the green light to the proposed IPO of VinFast.
The Vietnamese automaker said at the time that it expected a valuation of $27 billion. When the IPO was announced last May, there was still talk of at least $23 billion.
VinFast did not provide an update on this in the official IPO announcement. The operation took place about a year later than planned, it should be noted. It comes shortly after VinFast inaugurated its first factory in the United States. The site, located in Chatham County, North Carolina, should be operational in 2025 and will initially produce VF 7, VF 8 and VF 9 models with an annual capacity of 150,000 electric cars.
VinFast was founded in 2017 as a member of Vietnam’s Congolmerat Vingroup and became a pure electric car manufacturer in 2022. In Vietnam, the company is in the market with four models of electric vehicles, VF e34, VF 8, VF 9 and VF 5.
Our opinion, by leblogauto.com
VinFast is now focusing on its global expansion. By the end of April, the automaker had exported nearly 3,000 electric cars to the United States and Canada. This year, the Vietnamese company wants to develop sales of its electric vehicles in Europe, more specifically in Germany, France and the Netherlands.