Black Spade Acquisition Co (BSAQ) Closes VinFast Deal
by Nicholas Alan Clayton on 2023-08-14 at 4:39pm

Black Spade (NYSE:BSAQ) announced that it has closed its combination with Vietnamese EV-maker VinFast and the combined company’s shares and warrants will begin trading under the symbols “VFS” and “VFSWW” tomorrow, August 15.

The speed of the deal’s close has been one of SPACland’s stunners in 2023. Black Spade managed to get the transaction from official announcement to shareholder approval in just 91 days and now it is now set to trade just two business days later.

Meanwhile, SPAC deals on average have taken about eight months to get from announcement to close so far in 2023. Black Spade’s speed might be explainable if the deal was small, simple and domestic, but it actually is none of those things.

Vietnam-based VinFast company manufactures a line of four EV cars and SUVs as well as e-scooters and e-buses for the Vietnamese and US markets. The two sides announced their $27 billion deal in May.

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
Recent Posts
by Nicholas Alan Clayton on 2025-04-03 at 8:19am

At the SPAC of Dawn Trump’s tariffs have finally been unveiled and the markets for the moment are reeling with futures down nearly -3.8% for the Nasdaq and -2.8% for the Dow. International markets have so far seen shallower dips during the day’s trading, which could mean that the waters will calm as the day...

by Kristi Marvin on 2025-04-03 at 7:16am

In this SPACInsider Podcast Replay, we go back to 2021, when we spoke with Chris Urmson, CEO and Chairman of autonomous truck technology firm Aurora (NASDAQ:AUR). At the time, Aurora was working to close its $10 billion business combination with Reinvent Technology Y. Chris laid out how the company planned to approach the commercialization of...

by Nicholas Alan Clayton on 2025-04-02 at 2:59pm

As the 2025 market environment settles in, SPACs have an increasingly defined role within the capital markets ecosystem, more often bringing midcap companies public, while traditional IPO deal flow has skewed smaller over time. And, as this new analysis shows, SPACs have been frequently offering investors higher upside when these companies excel. Of course, as...

by Nicholas Alan Clayton on 2025-04-02 at 8:18am

At the SPAC of Dawn Despite the jitters sent through the market ahead of today’s festival of tariff implementations, SPACs have shown themselves to be unconcerned with “Liberation Day” as two teams priced their IPOs and will debut in the eye of the storm later today. That makes for four new SPAC listings on the...

by Nicholas Alan Clayton on 2025-04-02 at 7:57am

Soulpower Acquisition Corporation  (NYSE:SOUL.U) announced the pricing of its upsized $220 million IPO and its units are expected to begin trading on the NYSE under the symbol “SOUL.U”, Wednesday, April 2, 2025. The Company may pursue an acquisition opportunity in any business or industry or at any stage of its corporate evolution but will focus...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved