The next electric vehicle (EV) standout may be about to hit the market. Vietnamese EV maker VinFast is making a move to go public by merging with Black Spade Acquisition (NYSEMKT:BSAQ). The special purpose acquisition company’s (SPAC) shareholders are about to vote on the merger’s approval. Scheduled for Aug. 10, this meeting will determine the fate of the VinFast SPAC and whether it will lead to an important trading debut.
While BSAQ stock closed slightly in the red today, it began the day by rising as investors focused on the prospect of a VinFast SPAC. This focus will likely continue through to the shareholder meeting.
Is the VinFast SPAC Debut Coming?
This isn’t the first time that a potential VinFast public debut has been floated to investors. In December 2022, the company applied to list on the Nasdaq but ended up withdrawing when market conditions became highly volatile. Now as the new bull market continues to lift many sectors, though, the firm seems to be choosing an optimal time to come public. After all, investors are seeking new opportunities in the tech sector and, with gas prices rising, EV stocks are likely to soar.
Of course, VinFast may not be on the radar of many U.S. investors yet. However, that doesn’t mean it isn’t worth watching. As InvestorPlace contributor William White reports, “the EV models VinFast offers include the VF e34, VF 8, VF 9 and VF 5.” According to its website, VinFast’s e-mobility platform also “delivers access to more than 90,000 chargers throughout North America.”
As of now, there’s no reason to suspect that BSAQ shareholders won’t vote in favor of the merger. VinFast is a company with significant potential and market conditions appear to be good for a trendy new EV producer to begin trading. If the vote for the VinFast SPAC goes through, investors should certainly keep an eye on this name.
On the date of publication, Samuel O’Brient did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.