Vietnam’s EV maker VinFast gets nod from SPAC to list in US

On Thursday, Black Spade Acquisition (NYSE:), a special acquisition company headquartered in Hong Kong, revealed that its shareholders had given their consent for a merger to take place with VinFast, a manufacturer of electric vehicles based in Vietnam. The merger will allow the automaker to list in the United States this year.

The vote allows VinFast, which began operating in 2019 and started delivering cars in California this year, to proceed with its two-year goal of going public in the U.S. where they aim to compete with established automakers and new startups.

The Securities and Exchange Commission approved VinFast’s merger filing with Black Spade last week. last month Black Spade held another extraordinary shareholder meeting to vote on its one-year lifespan extension.

Shares of BSAQ are up 1.5% in mid-day trading Thursday.