Vietnam's VinFast is the latest in a string of EV startups to go public in recent years.
VinFast will go public via a SPAC deal with New York Stock Exchange-listed Black Spade Acquisition Co., the Vietnamese electric vehicle startup announced last week.
Also referred to as a reverse merger, a SPAC deal is where a private company goes public by being taken over by a company that's already listed, typically one set up solely for the purpose, known in investor circles as a special purpose acquisition company . The advantage is that it avoids the complexity of launching an IPO, a route VinFastMost EV startups in recent years have chosen the easier route of SPAC deals when going public.
Following the close of the transaction, which VinFast expects for the second half of the year, the combined company will have an equity value of over $23 billion. VinFast shareholders will own approximately 99% of the combined company, which will operate as VinFast and trade on the NYSE.
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