Business News 22/08/2023, 16:51

VinFast initiates Nasdaq trading on August 15 following Black Spade shareholders' approval

In a significant development, VinFast commenced trading on the Nasdaq Stock Market on August 15, after receiving the green light from Black Spade shareholders regarding the proposed business consolidation plan during a special shareholders' meeting held earlier.

VinFast initiates Nasdaq trading on August 15 following Black Spade shareholders' approval

Investors can now engage with both VinFast's common stocks and securities, which will be traded on the Nasdaq Stock Market under new codes, namely VFS and VFSWW, respectively.

Commenting on the outcome of the shareholders' vote, Madame Thuy Le, Vice Chairwoman of Vingroup and Global CEO of VinFast Auto, shared, "Today's voting results show the trust of Black Spade shareholders for VinFast. I am proud of the achievements we have made so far and full of expectations for new journeys."

Dennis Tam, Chairman and Co-CEO of Black Spade, emphasized the positive response from shareholders, reflecting their confidence in the potential of the relationship between Black Spade and VinFast. The proposals tied to the business consolidation received an overwhelmingly positive 99.99% approval rate.

VinFast, established in 2017 and a subsidiary of Vingroup, has rapidly shifted its focus to electric vehicle production by 2022. Its comprehensive electric vehicle ecosystem encompasses a wide range of products, including electric SUVs, motorbikes, and buses. VinFast vehicles are not only available in Vietnam but also in North America, with plans for a European launch. The Hai Phong production facility, which boasts an impressive 90% automation rate, can produce up to 300,000 vehicles annually in its initial phase.

VinFast's electric car models, including the VF e34, VF 8, VF 9, and VF 5, have garnered considerable attention in the Vietnamese market. The company further expanded its reach in early 2023 by exporting the first two batches of VF 8 vehicles to North America. Demonstrating its commitment to growth, VinFast initiated the construction of an electric vehicle factory in North Carolina on July 28.

Black Spade, founded by Black Spade Capital and listed on the NYSE American Stock Exchange, continues to manage a diverse cross-border investment portfolio while actively seeking new avenues for portfolio expansion.


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