, Columnist
$27 Billion Electric Vehicle Deal Shows SPAC Silliness Is Back
VinFast’s SPAC merger feels more like an act of desperation than a revival of a maligned asset class.
Moving fast.
Source: Bloomberg
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Just when you think blank-check firms are dead in the water, a cash-burning Vietnamese electric-vehicle manufacturer announces it’s going public in the US via a SPAC. The purported $27 billion valuation (which includes debt) would make it the third-largest such transaction in history.
However, the merger of VinFast Auto Pte. Ltd. with Hong Kong-based Black Spade Acquisition Co. announced Friday feels more like an act of desperation than a revival of a maligned asset class. The transaction won’t raise much money and the purported valuation looks as rocky as VinFast’s US vehicles.