SPAC | News

On August 15, 2023, VinFast Auto Ltd. (NASDAQ: VFS), a Vietnamese electric vehicle company owned by Vietnam’s wealthiest individual, Pham Nhat Vuong, successfully merged with Black Spade Acquisition Co., a special purpose acquisition company under the stewardship of Lawrence Ho Yau Lung and was successfully listed on the NASDAQ stock market. On its debut trading day, VinFast’s stock price increased by an astonishing 254.64%, briefly propelling its market capitalization to approximately $86.05 billion, solidifying its leading position in the Vietnamese electric vehicle sector.

▲ VinFast’s CEO, Le Thi Thu Thuy

During the bell-ringing ceremony, VinFast’s CEO, Le Thi Thu Thuy, expressed optimism, stating, “Listing on the U.S. capital market represents a monumental achievement for us. This listing opens doors to our future engagement with the capital market.” Today’s success not only highlights VinFast’s commitment to sustainable global mobility but also presents opportunities for expanding its presence in the capital market and future growth.

As VinFast expands beyond Vietnam, the company is preparing to unveil three innovative vehicle models. Concurrently, VinFast’s factory in North Carolina, USA, has begun operations, marking a significant step in the company’s global expansion and the development of its North American supply chain.

It’s worth noting that prior to VinFast, the only Vietnamese company to enter the U.S. capital market was Cavico Corp (“Cavico”). Cavico achieved Nasdaq listing status with the ticker symbol CAVO on September 18, 2009. Regrettably, Cavico was delisted from Nasdaq less than two years later due to non-compliance with disclosure requirements. Since then, no Vietnamese company has managed to penetrate the U.S. market successfully.

VinFast’s successful entry into the U.S. market not only signifies their remarkable achievement but also serves as an inspiration for other Vietnamese enterprises seeking international expansion. This accomplishment challenges the notion that Vietnamese companies cannot thrive in foreign markets, offering boundless possibilities for those aspiring to follow in VinFast’s footsteps.

On June 30, 2023, Bukit Jalil Global Acquisition 1 LTD (“BUJAU” or the “Company”) (NASDAQ: BUJAU), a special purpose acquisition company (“SPAC”) headquartered in Kuala Lumpur, Malaysia, successfully made its debut on the Nasdaq. BUJAU announced the completion of its initial public offering (IPO), raising US$57.5 million by issuing 5,750,000 units at a price of US$10 per unit. The units have been trading on the Nasdaq stock exchange since June 28, 2023, under the ticker symbol “BUJAU.”

BUJAU is sponsored by Bukit Jalil Global Investment Ltd., the company aims to engage in business combinations with one or more businesses or entities through mergers, stock exchanges, asset acquisitions, stock purchases, reorganizations, or similar business combinations. The company is actively seeking a potential target business, without any specific industry or geographic limitations.

Although BUJAU has not yet identified its target industry, its focus will be on emerging growth companies that already generate or have the potential to generate cash flows. Neil Foo, the Chairman and Director of BUJAU, “We have certain targets in mind, such as asset-light, tech, and healthcare companies. We will broadly consider companies that have an asset-light structure, strong management and technology, particularly those with high growth potential and significant market opportunities.” By going public through a SPAC, the company gains access to more international options.

BUJAU is not the first ever Malaysia-based SPAC in the market. Prior to BUJAU, there were others Malaysian-based SPACs listed on Nasdaq, such as Fellazo Inc. (“Fellazo”) (NASDAQ: FLLCU), which conducted its IPO in July 2019. However, Fellazo was unable to secure a qualified business combination or asset injection within the designated timeframe and was subsequently delisted.

Additionally, Kairous Acquisition Corp. Ltd. (“Kairous”) (NASDAQ: KACLU) is listed in December 2021 and has recently announced a one-month extension for the completion of a business combination from July 16, 2023, to August 16, 2023. The purpose of the extension is to provide time for Kairous to complete a business combination.