Countless automakers and suppliers went public via special purpose acquisition companies in the past few years, but enthusiasm has waned and share prices have plummeted. While following in the footsteps of Lordstown and Faraday Future doesn’t sound ideal, that’s exactly what VinFast wants to do.

However, they’re hoping for greater success and have entered into a “business combination agreement” with Black Spade Acquisition Co. The transaction is expected to close in the second half of 2023 and will value VinFast at approximately $27 (£21.6 / €24.8) billion with an equity value of $23 (£18.4 / €21.1) billion.

In a Form 8-K filing with the U.S. Securities and Exchange Commission, the companies said each ordinary share in VinFast will have a value of $10.00 (£8.03 / €9.21). The filing also noted employees of the automaker could be in for a big bonus if certain conditions are met.

More: VinFast Drops Specs For VF 6 and VF 7 EVs, Offer Up To 348 HP

 VinFast To Go Public Via SPAC Merger With A Value Of $27 Billion

In particular, “If VinFast’s reported consolidated revenue for fiscal year 2023 is at least $1.875 (£1.506 / €1.727) billion,” the company may offer up to $50 (£40.1 / €46) million worth of “free bonus” ordinary shares to “directors, executives, managers and employees of VinFast and its subsidiaries, as determined in the sole discretion of the compensation committee of the board of directors of VinFast.”

We’ll likely learn more details closer to the merger date, but Black Spade Acquisition Co trades on the New York Stock Exchange under the BSAQ symbol. It’s currently valued at $10.36 (£8.32 / €9.54) per share as of this writing.

In a statement, VinFast Auto CEO Madame Thuy Le said, “VinFast has already demonstrated the ability to quickly reach international markets. The partnership with Black Spade and listing of VinFast in the U.S. represents the perfect capital raising avenue for our future global ambitions and is also an important accomplishment for Vingroup.”

 VinFast To Go Public Via SPAC Merger With A Value Of $27 Billion