On Tuesday morning in New York, VinFast, a Vietnamese manufacturer of electric vehicles, is anticipated to list on the tech-focused Nasdaq, following the completion of its merger with the American-listed special purpose acquisition business Black Spade Acquisition.
SPACs are front businesses that, within two years on average, merge with a private firm in order to obtain capital through an IPO.
VinFast said on Monday that it would start trading on August 15 in a joint release with Black Spade Acquisition.
According to a June filing with the U.S. Securities and Exchange Commission, VinFast is valued at about $23 billion as a result of the purchase.
Black Spade was now a fully owned subsidiary of VinFast after the merger, and it is anticipated that it will delist from the New York Stock Exchange.
“Being listed in the U.S. is a significant milestone for us. VinFast CEO Le Thi Thu Thuy told CNBC on Tuesday morning, Asia time, that the listing would give us access to the capital markets in the future.