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VinFast to List on Nasdaq Through Merger with Black Spade

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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.

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