News Formal

VinFast to List on Nasdaq Through Merger with Black Spade

  • 📰 globebusiness
  • ⏱ Reading Time:
  • 29 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 66%

Business News News

Business Business Latest News,Business Business Headlines

Vietnamese EV maker VinFast gets go ahead for Nasdaq SPAC listing

VinFast, in a joint statement with Black Spade, said it would list on the Nasdaq under the ticker symbol VFS “on or around Aug. 15”.

The merger had valued VinFast at $23 billion, the two companies said. In comparison, the current market capitalization of U.S.-listed EV makers Rivian and Lucid are $21 billion and around $17 billion respectively. VinFast had filed for an initial public offering on the Nasdaq last December, but in May announced plans to list through a merger with Black Spade.

VinFast’s first quarter revenue dropped 49% from the previous year and it posted a net loss of $598 million. In 2022, the company posted a loss of $2.1 billion. It has not yet made a profit.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 31. in BUSİNESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Oil hits high for the year as supply risks in Black Sea grow amid tight marketOil hit its highest level in almost nine months on concern that the conflict between Russia and Ukraine may choke supply in a tight market. Read on.
Source: financialpost - 🏆 7. / 85 Read more »