Ben Rappaport, Chatham News + Record
VinFast will make its public market debut faster after withdrawing its initial public offering.
The company will now enter a Special Purpose Acquisition Company (SPAC) agreement, which is when a company is “without commercial operations and is formed strictly to raise capital through an initial public offering (IPO) for the purpose of acquiring or merging with an existing company,” according to Investopedia.
The SPAC agreement includes a merger with Black Spade Acquisition Co. VinFast’s U.S. stock shares will be traded publicly through Black Spade from this agreement.
The company anticipates raising more than $20 billion through the SPAC. That funding is expected to pay for the construction of its new Moncure facility.
The now-withdrawn IPO, which was originally announced in December 2022, included a proposed nine-bank syndication behind the deal, according to company filings.
The SPAC agreement is not yet effective, according to the letter from VinFast to the Securities and Exchange Commission (SEC).
“The Company is seeking withdrawal of the Registration Statement because it has entered into a business combination agreement with Black Spade Acquisition Co and intends to file a new registration statement on Form F-4 in connection with the proposed business combination,” the VinFast letter said. “The Registration Statement has not been declared effective by the Commission and no securities have been issued or sold under the Registration Statement.”
VinFast’s move to list via a SPAC follows several other EV companies such as Microvast, Faraday Future, Nikola and Lucid, according to a CNBC report about the company’s plans.
SPACs are seen as a quick route to the stock market, particularly for auto technology firms, and have proven popular with investors seeking Tesla-like stock valuations — although the valuation of merged firms often falls in the months after listing, the report stated.
Featured photo via VinFast/Chatham News + Record.
Chapelboro.com has partnered with the Chatham News + Record in order to bring more Chatham-focused stories to our audience.
The Chatham News + Record is Chatham County’s source for local news and journalism. The Chatham News, established in 1924, and the Chatham Record, founded in 1878, have come together to better serve the Chatham community as the Chatham News + Record. Covering news, business, sports and more, the News + Record is working to strengthen community ties through compelling coverage of life in Chatham County.
Related Stories
‹
VinFast Submits Permits to Restart Chatham County Factory Construction; Aims to Open by 2028Vietnamese electric vehicle manufacturer VinFast recently submitted permits to continue with its plans to construct a manufacturing plant in Chatham County, only at a smaller scale than initially announced.
![]()
Vietnam Car Maker Begins Build for North Carolina Electric Vehicle Plant That Will Employ ThousandsWritten by THE ASSOCIATED PRESS A Vietnamese company planning an electric vehicle plant in central North Carolina that would employ 7,500 workers met a milestone Friday as its top executive joined Gov. Roy Cooper and others for a ground-breaking ceremony. VinFast announced last year that it would build its first manufacturing facility outside Vietnam in […]
On the Porch: Adam Edelen - Bringing the Promise of Renewable Energy to Rural AmericaThis Week:
Adam Edelen is a dynamic leader with a demonstrated record of success in both the private and public sectors. As founder and CEO of Edelen Renewables, he has garnered significant attention for forming partnerships to pioneer coal-to-solar projects and other green energy developments in struggling energy communities. His firm’s unique Social Impact Solar® approach reflects a deep commitment to economic revitalization and environmental sustainability.
Body of Missing Fisherman Recovered on Friday, Says Chatham County Sheriff's OfficeAfter searching Thursday evening and early Friday morning, the Chatham County Sheriff's Office said first responders recovered the body of a drowned fisherman just south of Jordan Lake.
Chatham County Commissioner Shares Latest on Bynum Contamination, Wolfspeed DevelopmentChair of the Chatham County Commissioners Karen Howard spoke with 97.9 The Hill about major stories happening in Siler City and Bynum.
In One North Carolina County, It’s ‘Growth, Growth, Growth.’ But Will Biden Reap the Benefit?Places like Chatham County show how this year’s presidential campaign offers two conflicting visions for America’s economic future.
Chatham County Sheriff Charges 9 Businesses for Selling Tobacco Products to Underage BuyersThe Chatham County Sheriff’s Office revealed Friday its efforts to run a sting operation to limit the sales of nicotine vape and tobacco-related products to underage buyers, sharing several businesses that were found to have violated the law. A release from the office said throughout August, Chatham County investigators visited 29 stores to observe any […]
![]()
On Air Today: NC House Minority Leader Robert ReivesNorth Carolina House Minority Leader, and District 54 Representative, Robert Reives speaks with 97.9 The Hill on Wednesday, August 9.
Chatham County Sheriff: Texas Man Drowns in Jordan Lake on SundayThe Chatham County Sheriff’s Office shared news of a death at Jordan Lake on Sunday afternoon and provided an update on Monday with the victim’s identity. A release from the office said their officers, as well as several other emergency service agencies, responded to reports of a drowning near the Poe’s Ridge Boat Ramp — […]
VinFast To Go Public Under New Merger, Rescinds IPOVinFast will make its public market debut faster, as it will enter a Special Purpose Acquisition Company (SPAC) agreement.
›
