Welcome to our dedicated page for Black Spade Acquisition Co news (Ticker: BSAQ), a resource for investors and traders seeking the latest updates and insights on Black Spade Acquisition Co stock.
Black Spade Acquisition Co (BSAQ) is a Special Purpose Acquisition Company (SPAC) focused on effecting business combinations, commonly known as a blank check company. Established by Black Spade Capital, which manages a global portfolio of diverse cross-border investments, BSAQ aims to identify and merge with promising businesses to unlock value and create growth opportunities.
Recently, Black Spade Acquisition Co announced it would be transferring the listing of its units, Class A ordinary shares, and warrants from the NYSE to the NYSE American LLC. This move, driven by more favorable listing thresholds on the NYSE American, took effect on June 21, 2023. The decision comes in light of potential redemptions of the Company's Class A ordinary shares in connection with the vote to extend the deadline for completing its initial business combination.
BSAQ has made significant strides in its operations, most notably the proposed business combination with VinFast Auto Pte. Ltd. The U.S. Securities and Exchange Commission (SEC) declared effective the registration statement for this merger, which values VinFast at an enterprise value of $27 billion and an equity value of $23 billion. VinFast, a leading Vietnamese electric vehicle manufacturer, is committed to creating a sustainable future through its portfolio of electric SUVs, e-scooters, and e-buses, operating in Vietnam, North America, and soon, Europe.
The Extraordinary General Meeting (EGM) of Black Spade's shareholders approved the business combination with VinFast on August 10, 2023, and the transaction closed on August 14, 2023. Following this, VinFast's ordinary shares and warrants began trading on the Nasdaq under the ticker symbols 'VFS' and 'VFSWW' respectively, marking a significant milestone in VinFast's global expansion.
Moreover, VinFast has already started construction on a new electric vehicle manufacturing site in North Carolina, which underscores its ambitious growth plans and commitment to the EV revolution.
Black Spade Acquisition Co continues to leverage its strong foundation and strategic partnerships to drive value and growth. Learn more at Black Spade Acquisition Co.
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