Black Spade Acquisition Co. shareholders on Thursday signed off on the combination with the manufacturer. VinFast expects to debut on the Nasdaq on or around Aug. 15 under the symbol VFS. The deal values the company at about $23 billion, a statement last month showed.
The planned Nasdaq listing, confirming an earlier Bloomberg News report, caps VinFast’s years-long efforts to become a publicly traded company. The manufacturer is selling made-in-Vietnam EVs and is currently building a factory in the U.S.
VinFast still has a long way to go though. The company has been held back by operational problems, hobbling its ambition to gain market share in the competitive EV space. In May, VinFast recalled all the electric crossovers shipped to the U.S. over a software malfunction, and its losses have been widening due to the cost of its expansion.