Investors in VinFast’s SPAC for US listing cash out most shares


HANOI (Reuters) – Shareholders of Black Spade Acquisition, a special purpose acquisition company (SPAC) that has plans to merge with Vietnam’s electric automaker VinFast to allow a U.S. listing, redeemed over 80% of their shares, the company said on Friday.

The Hong Kong-based SPAC’s shareholders have not yet voted about the proposed merger with VinFast, but have exercised their right to redeem shares by Tuesday this week.

Black Spade said that redemptions amounted to approximately $147 million. “Following the redemption (…), the amount of funds remaining in the trust account is approximately $28.56 million,” the SPAC said in a statement.

On Thursday, the SPAC’s remaining shareholders voted to extend its lifespan by one year, about a week before the end of its original two-year term.

(Reporting by Francesco Guarascio @fraguarascio; editing by David Evans)

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