RALEIGH – VinFast, the electric vehicle manufacturer building a huge manufacturing plant in Chatham County, has cleared a big hurdle in its raising of $23 billion through a stock offering.

Shareholders in its partner Black Spade Acquisition voted on Thursday to approve a merger. The deal is now expected to close on Aug. 14, the companies said in a joint statement.

VinFast recently broke ground for the Chatham County plant.

A merger with publicly traded Black Spade will make VinFast a publicly held company. The combined entity is in the processing of raising as much as $23 billion through a so-called SPAC merger. A SPAC is a special purpose acquisition company without commercial operations and is formed strictly to raise capital through an initial public offering (IPO) for the purpose of acquiring or merging with an existing company, according to Investopedia.

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The combined company will be called VinFast with its shareholders owning virtually all the stock.

“The voting results today are a vote of confidence in VinFast from Black Spade shareholders. I am proud of the achievements we have accomplished so far and filled with eager anticipation for the exciting and promising opportunities that this collaboration will bring in the future,” said Thuy Le, Global CEO of VinFast Auto, in a statement.

Shares will be listed on the Nasdaq under two symbols – VFS and VFSWW – Vinfast said.

Shares arer expected to begin trading on Aug. 15.

The Securities and Exchange Commission has already signed off on the merger.

VinFast pours foundation on EV assembly plant to employ 7,500 in Chatham County