Vietnamese electric vehicle maker VinFast is planning to list in the United States next month via a blank-cheque company after the Securities and Exchange Commission gave the go ahead to its proposed business combination.
The new merged entity was estimated by VinFast and Black Spade to have a potential equity value of $23 billion, according to their statement.
The EV maker's statements have not mentioned any institutional investors to invest alongside the SPAC deal through a private investment in public equity transaction. Analysts said the price tag is not realistic given that VinFast continues to burn cash and is in very early stages of growing its business in the U.S.
SPACs are seen as a quick route to a stock market listing particularly for auto technology firms. They have proved popular with investors seeking lofty tech stock valuations, but the valuation of merged firms can often fall in the months after listing. VinFast has shipped around 3,000 EVs to the U.S. and started to deliver them from March. The company on Friday also begunReporting by Phuong Nguyen, Editing by Louise Heavens and Jane Merriman
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