2023-08-10 10:16:02 ET
Black Spade Acquisition Co ( NYSE: BSAQ ) announced on Thursday that shareholders approved the business combination with Vinfast Auto Ltd. ( VFS ) at an extraordinary general meeting earlier in the day. (the "EGM") of Black Spade's shareholders on August 10, 2023.
The business combination is expected to close on August 14. Following the closing, VinFast ( VFS ) will remain as the combined company, and its shares will begin trading.
Background: VinFast ( VFS ) manufactures and exports a portfolio of e-SUVs, e-scooters and e-buses across Vietnam, North America, and, soon, Europe. The company said it operates a state-of-the-art automotive manufacturing complex in Hai Phong that boasts up to 90% manufacturing automation and an annual production capacity of up to 300K units per year in phase 1. The company said it is committed to the mission of creating a sustainable future. Vinfast ( VFS ) became a fully electric vehicle manufacturer in 2022, and has since delivered four EV models (VF e34, VF 8, VF 9 and VF 5) in Vietnam. On July 28, VinFast broke ground for the construction of its electric vehicle manufacturing site in North Carolina, marking a significant step in its global expansion and the company's supply chain development in North America VinFast CEO Le Thi Thu Thuy expressed confidence in the brand's future in the U.S. "We hope the construction of the factory in Chatham County will contribute to advancing the clean-energy economy in the U.S.," she said. VinFast landed a $1.2B incentive package from North Carolina to set up manufacturing in the state. VinFast expects the production site in North Carolina to have an annual capacity of 150K vehicles and serve the North American market.
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Electric vehicle maker Vinfast will begin trading next week