Vietnam's VinFast is now a publicly traded company.
VinFast on Monday completed a merger with listed company Black Spade Acquisition in a so-called SPAC deal, paving the way for the Vietnamese EV startup to start trading on the Nasdaq later on Tuesday.
The merged company, known as VinFast Auto Ltd., will trade under the ticker symbol VFS. VinFast's existing shareholders will own approximately 99% of the new company.for its SPAC deal in May. At the time, it said the merged company will have an equity value of more than $23 billion. Also referred to as a reverse merger, a SPAC deal involves a private company going public by being taken over by a company that's already listed, typically one set up solely for the purpose, known in investor circles as a special purpose acquisition company . The advantage is that it avoids the complexity of launching an IPO, a route VinFastUnlike rival EV startups, VinFast has deep pockets.
VinFast is also showing rapid growth. Despite only launching its first vehicle in Vietnam in 2018, the company has already earmarked the sale of
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