Black Spade Acquisition Co Stock Price, News & Analysis

Black Spade Acquisition Co (BSAQ) was a special purpose acquisition company (SPAC) sponsored by Black Spade Capital Limited, a Hong Kong-based investment firm. The SPAC was formed with the objective of identifying and completing a business combination with a target company, particularly in the technology, media, entertainment, or lifestyle sectors.

IPO and Structure

Black Spade Acquisition Co conducted its initial public offering on the Nasdaq Stock Market, raising approximately $169 million through the sale of units to public investors. Like other SPACs, BSAQ offered units consisting of Class A ordinary shares and warrants, providing investors the opportunity to participate in a future business combination while maintaining downside protection through trust account redemption rights.

Business Combination with VinFast

Black Spade Acquisition Co successfully completed its business combination with VinFast Auto, a Vietnamese electric vehicle manufacturer. VinFast is controlled by Pham Nhat Vuong through Vingroup, Vietnam's largest private conglomerate. The merger represented one of the largest SPAC transactions, with an enterprise value reported in the tens of billions of dollars. Following the completion of this business combination in August 2023, the combined company began trading on Nasdaq under the ticker symbol VFS.

Current Status

The BSAQ ticker is no longer actively traded as the SPAC completed its lifecycle. Investors who previously held BSAQ shares received shares in VinFast Auto Ltd. (VFS) upon completion of the merger. The BSAQ ticker now serves as a historical record of the pre-merger special purpose acquisition company.

About the Sponsor

Black Spade Capital Limited, the sponsor behind BSAQ, is a Hong Kong-based investment firm with experience in identifying acquisition targets across various industries. The same management team subsequently launched Black Spade Acquisition II Co, demonstrating continued activity in the SPAC market with a focus on entertainment, lifestyle, and technology sectors, particularly those benefiting from artificial intelligence developments.

What Investors Should Know

For those tracking BSAQ, it is important to understand that this ticker represents a completed SPAC transaction. To follow the ongoing performance of the merged entity, investors should monitor VinFast Auto Ltd. under its current ticker symbol VFS on Nasdaq. Historical SEC filings under the BSAQ CIK number (0001851908) document the SPAC's formation, IPO, and business combination process.