RALEIGH – VinFast stock began trading on the Nasdaq today after completing its merger with Black Spade Acquisition on Monday. And it could be a good day – so far in limited trading shares have sold for as much as $24. But prices soared higher in afternoon trading at $33.74 just before the close. Shares finished the day at $37.23. High for the day was $38.49.

“At $28 a share, VinFast has a market cap of more than $64 billion. That is more than Ford Motor, GM, and many other automakers. It is also worth more than Rivian, Lucid, and Polestar combined,” says Barron’s.

In response to the day’s performance, Thuy Le, Global CEO of VinFast Auto, called the listing “successful.”

“VinFast has accelerated the global electric vehicle (EV) revolution by making smart, safe, and environmentally friendly EVs accessible to everyone,” she said in a statement provided to WRAL.

“Today’s successful listing not only supports VinFast’s commitment to sustainable mobility at a global scale but also unlocks access to the capital markets and important avenues for future development. Further, it is our hope that VinFast’s listing will inspire and unleash greater opportunities for Vietnamese brands to participate in the global market.”

At $33.74, that’s more than three times the $10 VinFast and its partner BlackSpade had set.

However, Reuters noted that few shares have been made available.

Reuters had reported that in pre-market trading VinFast stock “more than doubled its value in premarket trading involving less than 4% of its shares.”

Company officials gathered at a podium at the Nasdaq to ring in the trading day.

The merger closing was reported Monday shortly after the markets closed.

Officials of the Vietnam-based electric vehicle manufacturer rang the Nasdaq opening bell, celebrating the deal that could produce as much as $23 billion. Black Spade shareholders approved the merger last week.

Shares will trade under the symbols VFS and VFSWW.

A merger with publicly traded Black Spade made VinFast a publicly held company. The combined entity is in the processing of raising billions of dollars 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.

The combined company will be known as VinFast Auto Ltd. It’s in the process of building a huge EV manufacturing complex in Chatham County.

‘Significant milestone’

“Becoming a U.S-listed company marks a significant milestone in VinFast’s global expansion,” said Madame Thuy Le, Global CEO of VinFast Auto Ltd. in a statement. “More than just transaction on the stock market, going public reflects a powerful vote of confidence in our vision and potential, as well as fulfills our pledge to make smart, safe and environmentally friendly electric vehicles accessible to everyone. I sincerely appreciate the wonderful collaboration with Black Spade as our respected partners who are joining us in our ‘boundless together’ journey towards a greener future for us and future generations.”

Black Spade will become a wholly owned subsidiary of VinFast, the companies said.

“A listing on the Nasdaq will enhance VinFast’s global outreach by facilitating even wider access to capital,” said Dennis Tam, Chairman and Co-CEO of Black Spade Acquisition Co. “Driven by a shared aspiration to shape a better future through innovation, we anticipate our collaboration with VinFast to bring about a fresh chapter of sustainable mobility.”

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