RALEIGH – Black Spade Acquisition, the targeted partner for Vietnam-based electric vehicle manufacturer VinFast, could be around for another year rather than complete the merger in coming weeks.

According to Reuters news service, Black Spade shareholders voted Thursday to extend the life of the company by one year to  “merge with a target company.” VinFast was not noted.

Neither company has responded to requests for comment about what the shareholder decision means for the merger.

VinFast expects to hire more than 7,000 people and invest some $2 billion in the first phase of construction at the plant as well as battery production facilities.

No shareholder vote yet

On June 16 VinFast disclosed a 49% drop in first quarter revenue with a loss of nearly $600 million.

Reuters called the shareholders’ meeting “extraordinary” and that it lasted “less than 10 minutes.”

Shareholders have not yet voted to approve the so-called SPAC (special purpose acquisition company) deal.

If completed, the merger could produce over $20 billion – money that likely would be used to finance the construction of a planned vehicle manufacturing complex in Chatham County.

“The vote gives the SPAC until July 20, 2024 to merge with a target company,” Reuters noted.

The proposed merger was announced in May.

Last month, Black Spade decided to move to the NYSE American Exchange from the NYSE

Earlier, VinFast withdrew its own IPO plans.

Black Spade was formed by Lawrence Ho, who is the head of Melco Resorts & Entertainment.