Black Spade (NYSE:BSAQ) announced this morning that its shareholders approved its $27 billion combination with EV-maker VinFast at a special meeting earlier today.
The deal is expected to close on August 14, after which its shares and warrants are expected to begin trading on the Nasdaq under the symbols “VFS” and “VFSWW” on August 15.
For a deal announced just 91 days ago on May 12 this has been a lightning fast process. Only four other SPACs have gotten to close so far with deals announced in 2023 and the shortest time among them was Colombier, which completed its combination with PSQ Holdings (NYSE:PSQH) in 113 days – more than three weeks longer.
That’s also of course not the only superlative Black Spade and VinFast accomplished.
Their massive combination had the third largest enterprise value of any SPAC deal in history and was by far the largest close since LionHeart II completed its $32.6 billion combination with debt services firm MSP Recovery (NASDAQ:LIFW) in May 2022 and Altimeter Growth got it done with ride-hailing fintech Grab (NYSE:GRAB) in December 2021.
As with any de-SPAC, however, the hard work for VinFast now begins in proving that it is equal to its proposed valuation by performing. According to Black Spade’s F-4, the Vietnamese automaker generated about $343.9 million in revenue in 2022 and it has set an earnout goal for it to hit $1.875 billion in revenue in 2023.
VinFast manufactures a line of four EV cars and SUVs as well as e-scooters and e-buses for the Vietnamese and US markets.
It broke ground on its new North Carolina EV factory earlier this month as a part of its big move to enter the North American market. But its US sales from cars imported from its Southeast Asian factories have gone slower than expected and it reported dropping revenues in the first quarter of the year.
ADVISORS
- Black Spade Advisors:
- Jones Trading Institutional Services is serving as financial advisor
- VinFast Advisors:
- Chardan is serving as M&A advisor
Terms Tracker for the Week Ending April 25, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Everybody’s back in the pool. Two more SPACs filed this week while four others priced their IPOs. Additionally five SPACs announced their combinations, breaking the...
At the SPAC of Dawn After a cheery string of good news indicators, futures remain green heading into the final trading session of the week. The final reading for consumer sentiments is to come at about 10 am, which will hopefully match the market’s recent mood. There is some time delay on this indicator, however,...
Inflection Point Acquisition Corp. III (NASDAQ:IPCXU) announced the pricing of its $220 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “IPCXU”, Friday, April 25, 2025. The new SPAC aims to combine with a disruptive technology company in North America or Europe that is customer-focused and adaptable to...
Crane Harbor Acquisition Corp. (NASDAQ:CHACU) announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “CHACU”, Friday, April 25, 2025. The Company’s primary focus will be to identify companies in the technology, real assets, and energy sectors. Crane Harbor’s management team is led...
Flag Ship Acquisition Corporation (NASDAQ:FSHP) has entered into a definitive agreement to combine with Great Future under so far undisclosed terms. Transaction Overview Flag Ship has about $71.6 million in its current trust and has until September 20, 2025 to complete a business combination but may extend up to nine times for one month each...