At VinFast's North Carolina groundbreaking ceremony, the Hanoi-based electric car manufacturer announced it was in the final stages of completing a SPAC merger with Black Spade Acquisition Company. After Black Spade's shareholders convened, the merger was approved.
Today, on August 15, 2023, VinFast rang the ticker bell and debuted on the NASDAQ Stock Market. Using ticker symbols "VFS" and "VFSWW," VinFast is officially a publicly-traded company in the United States.
"Becoming a U.S-listed company marks a significant milestone in VinFast's global expansion. More than just a transaction on the stock market, going public reflects a powerful vote of confidence in our vision and potential, as well as fulfills our pledge to make smart, safe, and environmentally friendly electric vehicles accessible to everyone," said VinFast Global CEO, Madame Thuy Le in a press release.
"I sincerely appreciate the wonderful collaboration with Black Spade as our respected partners who are joining us in our 'boundless together' journey towards a greener future for us and future generations," she added.
Dennis Tam, Black Spade's co-CEO said, "A listing on the Nasdaq will enhance VinFast’s global outreach by facilitating even wider access to capital. Driven by a shared aspiration to shape a better future through innovation, we anticipate our collaboration with VinFast to bring about a fresh chapter of sustainable mobility."
This debut comes after the firm's groundbreaking event, where its first North American manufacturing facility is set to be established. Once complete, VinFast will operate two manufacturing complexes: one stateside and the other in Haiphong, Vietnam.
While VinFast still has far to go to establish itself in the American market, the automaker sees its stock debut as a way not only to increase capital but to also enhance brand awareness.