Macau gaming billionaire Lawrence Ho’s investment company Black Spade Acquisition, a Special Purpose Acquisition (SPAC) company listed on the New York Stock Exchange has announced that its planned merger with Vietnam electric automaker VinFast has now been delayed, with the new target for the merger by July 20th of 2024.
The move comes as shareholders have not yet voted on the merger itself, which was expected to highlight the company’s equity value of over $23 billion.
The deal was announced in May, but had been subject to ‘regulatory and shareholder approval’. After the transaction, VinFast will hold some 99 percent of the shares of the combined company.
VinFast is a member of VinGroup, which is the ‘leading Vietnamese automotive manufacturer. The grou produces electric SUVs, e-scooters and e-buses in the US and Vietnam and is aiming to break into the European market as well.
Black Spade Acquisition is a blank check company created as vehicle for business combinations (also known as a Special Purpose Acquisition Company – SPAC).