VinFast Stock: Buy or Sell After the SPAC Merger?
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VinFast stock began trading August 15th upon completion of its SPAC merger with Black Spade Acquisition Co (BSAQ). Buy VFS stock at TradeStation.
VinFast stock opened for trading at $22 per share.
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What is VinFast?
VinFast is an electric vehicle (EV) company that’s part of the Vietnamese conglomerate Vingroup.
Vingroup was founded by Vietnamese billionaire Phạm Nhật Vượng. Vượng started an instant noodle company called Technocom Corporation while residing in Kharkiv, Ukraine, in the early 1990s.
In 2000, he began developing real estate back in Vietnam. He sold the Mivina dry foods brand to Nestle in 2010 and used the proceeds to expand his business empire in his birth country.
Vượng and Vingroup launched VinFast and its first manufacturing facility in Hai Phong, Vietnam, in 2017. VinFast quickly became a top vehicle seller in Vietnam and set its sights on the international stage.
The company is now based in Singapore.
The VinFast mission is simple:
We have brought together stunning design, advanced technology, and cutting-edge manufacturing to create Vietnam’s first global automotive manufacturer. Vingroup has been changing the way people live in Vietnam for thirty years, and now VinFast brings that mission to the world stage. Our mission is simple: to create a sustainable future for everyone.
It has opened showrooms in California, Canada, and Europe. The first batch of 999 vehicles arrived in the U.S. in December 2022, and buyer deliveries started in early March 2023.
VinFast is building a manufacturing plant in Chatham County, North Carolina. Production is expected to start in July 2024 with a phase one capacity of 150,000 vehicles.
CNBC produced an excellent overview of the company and its intent to compete with Tesla and penetrate the saturated U.S. car market.
Is VinFast Publicly Traded?
Yes, the stock began trading August 15th, 2023.
VinFast is part of Vingroup.
VinFast filed for an IPO in the U.S. through a Singapore-based holding company called VinFast Trading & Investments Pte. Ltd. The SEC filing the company shall be called “VinFast Auto Ltd.” when it goes public.
However, on May 12th, VinFast announced it would conduct a VinFast SPAC merger with Black Spade Acquisition Co (BSAQ).
Investors can own VFS starting August 15th. BSAQ shares will convert to VFS upon completion of the SPAC merger.
Read the latest Black Spade SEC Filings here, including the latest 8K.
Who Owns VinFast?
Vingroup is a public company that trades on the Ho Chi Minh Stock Exchange (HOSE) under the stock symbol “VIC”. VinFast is currently a business unit of Vingroup.
A Singapore holding company was created to create more favorable international business recognition before completing the VinFast SPAC merger.
Vingroup will likely sell a portion of VinFast and retain significant ownership, enabling it to raise funds for growth and participate in potential stock appreciation in the U.S. as investor appetite for EV companies remains strong.
The following organizational chart from the public filing clarifies the VinFast Auto Ltd. corporate structure.
VinFast Valuation
The post-VinFast SPAC merger VinFast valuation is estimated to be $23 billion. The enterprise value is estimated to be approximately $27 billion.
The VinFast SPAC Merger?
Yes. The VinFast SPAC merger was announced on May 12th, 2023. The deal is anticipated to be completed in the second half of 2023.
A SPAC is a special purpose acquisition company, also known as a blank check company. They are shell companies designed to help established businesses go public without a traditional IPO.
The SPAC company merges with the established company and takes on the established company’s name. It’s also known as a reverse merger.
Using a SPAC to go public allows the company to skip the complicated and expensive IPO process.
Not all companies are ready to IPO, making SPACs an attractive alternative to an IPO where the company can still raise new funds.
However, the more established a company is, the more resources it can hire to facilitate the traditional IPO process.
What is the VinFast Stock Symbol? VinFast Ticker?
In an SEC F-1 filing, VinFast revealed that ordinary shares would trade on the Nasdaq Global Select Market under the “VFS” VinFast ticker. However, this symbol has not been confirmed in recent SPAC filings.
VinFast is still a private company, so there is no traded VinFast stock symbol yet.
The Black Spade stock symbol is BSAQ. Investors can own that stock today to eventually own VinFast stock.
Once the SPAC merger is completed, the VinFast symbol will likely become VFS.
What is the VinFast Stock Price?
There is no VinFast stock price yet. Investors must wait for the VinFast SPAC merger to complete.
In the meantime, investors can own BSAQ today. Black Spade stock will eventually become VinFast stock.
Here is the Black Space stock price for the VinFast SPAC merger.
When is the VinFast IPO Date?
VinFast first announced its confidential IPO filing with the U.S. SEC on April 8th, 2022. The VinFast IPO filing was released publicly on December 6th, 2022.
However, upon the announcement of the VinFast SPAC merger with Black Space, the VinFast IPO will not happen after all.
The VinFast SPAC merger completed August 15th, 2023.
VinFast IPO F-1 (S-1) SEC Filing?
VinFast has submitted an F-1 filing to the SEC. F-1s are similar to S-1 filings but for foreign entities.
Read the latest version of the VinFast F-1 SEC Filing below.
See the latest and previous F-1 versions on the SEC website.
Readers can check out the most recent S-1 filings for all IPO filings in our S-1 filings feed (including F-1 and amended filings).
Can You Buy VinFast Stock Today?
Yes.
How to Invest in VinFast Stock
Investors can own VFS stock as of August 15th, 2023.
What is the best online brokerage for buying VinFast stock?
You can own VFS via any online broker. I’m a big fan of the online brokerage TradeStation. It is a reliable and robust platform for beginner investors to advanced traders. The broker is commission-free.
TradeStation also provides IPO access to all U.S.-based investors, making it one of our favorites.
Will VinFast be a Motley Fool Stock Advisor Recommendation?
We won’t know until after the VinFast SPAC if the company will be a Motley Fool Stock Advisor recommendation.
But VinFast fits the mold of high-growth, disruptive business models that the Fool typically recommends, especially after seeing the success of Tesla.
VinFast has a long way to go. But the Fool will be watching this company and its growth trajectory.
SPAC mergers have not been good for the Motley Fool (SKLZ comes to mind). I expect the service will be cautious with a VinFast recommendation.
Read this Motley Fool Stock Advisor review to learn about the stock selection methodology and about how you can participate in excellent returns.
Stock Advisor is currently half-off for new members at just $99 for an annual subscription.
VinFast Stock IPO Recent News
12/28/2023: VinFast launches first U.S. dealership
10/11/2023: VinFast to acquire its battery maker sibling
08/14/2023: VinFast is set to list on Nasdaq Tuesday(08/15)
07/28/2023: VinFast to list in the U.S. in August after regulator nod
07/14/2023: Investors in VinFast’s SPAC cash out most shares
06/20/2023: VinFast Lost $600 Million Last Quarter
05/12/2023: SPAC – VinFast To Publicly List Through Business Combination With Black Spade Acquisition Co
04/26/2023: VinFast’s EV ambitions just got a $2.5B boost
03/10/2023: VinFast delays US vehicle plant operation to 2025
03/02/2023: VinFast delivers first 45 cars in U.S. market
02/10/2023: VinFast says job cuts won’t derail U.S. production in 2024
12/20/2022: The First Shipment of VinFast Vehicles Arrive in U.S.
12/07/2022: VinFast Announces Filing of Reg Statement for Proposed IPO
04/07/2023: Vietnam automaker VinFast files for U.S. IPO to fund expansion
03/29/2022: VinFast to build EV factory in North Carolina
* Disclosure: The web page contains affiliate links from our partners. If a reader opens an account or buys a service from a link in this article, we may be compensated at no additional cost to the reader. Opening an account with a broker that provides access to IPOs does not guarantee the customer allocations of specific IPOs. The author is long SG, RIVN, and HOOD.
Craig Stephens is a former IT professional who left his 19-year consulting career at the IRS to be a full-time finance writer. A DIY investor since 1995, he started Access IPOs in 2016 to provide a resource for ordinary investors pursuing access to IPOs. Craig studied Finance at Michigan State University and lives in Northern Virginia with his wife and three children. Learn more about Craig.
