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
K&F Growth Acquisition Corp. II (NASDAQ:KFIIU) announced the pricing of its $250 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “KFIIU”, Wednesday, February 5, 2025. The new SPAC intends to combine with a target company in the experiential entertainment industry underpinned by strong secular growth, a skilled...
Rithm Acquisition Corp. (NYSE:RAC.U) has filed for a $200 million SPAC with a loaded room of underwriters to hunt down a target in financial services or real estate. The Rithm team has driven aggressive terms for the sponsor’s first SPAC with the help of a deep-pocketed backer and the trio of Citigroup, BTIG and USB...
At the SPAC of Dawn With the North American tariff threats set aside for now, there’s still plenty of momentum for the sorts of investments that might be able to dodge such trade disputes, or become more valuable should trade barriers arise. Among the clearest examples of these are producers of critical materials like rare...
In January 2025, SPAC teams continued extending beyond their third round, with one SPAC notably reaching its seventh extension vote as they searched for suitable deals. The month saw five announcements, marking the highest level in recent months, while only four SPACs held completion votes. Extension Votes In January, 14 extension votes were scheduled, representing...
At the SPAC of Dawn February is set to start with the jolt of a new potential trade war in North America. While some observers had expected tough trade action on China, the incoming administration’s decision to begin with 25% tariffs on the US’ biggest trading partners and neighbors, Mexico and Canada, and tariffs of...