Black Spade Acquisition (BSAQ) shareholders are scheduled to vote on the SPAC's proposed merger with Vietnamese EV maker VinFast on Thursday, August 10. The EV maker had originally filed in December to list on the Nasdaq through a traditional IPO. However, likely due to market conditions, it delayed launching and eventually withdrew its plans following its agreement to list via the SPAC. If approved, the combined company will list under the ticker “VFS” and would be the largest de-SPAC of the year at $27.1 billion, and the third largest over the last five years behind MSP Recovery ($32.6B EV, May 2022) and Grab ($30.4B, Dec. 2021). The merger comes amidst a poor year for de-SPACS, which have averaged a -40% return YTD, but comes on the heels of a wave of EV SPACs over the last several years, including Lucid Motors ($19.3 billion at listing), and Fisker ($1.9 billion). Black Spade’s stock jumped at the end of July but has since settled to $10.60 as of 8/3/23, 6% above the $10 transaction price and slightly above the ~$10.39 per-share trust value at redemption.
Transaction Details
On May 12, Black Spade Acquisition and VinFast announced their business combination. The deal values VinFast at an EV of $27.1 billion...
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