HANOI, Could 12 (Reuters) – Vietnamese electrical automaker VinFast VFS.O stated on Friday it’ll record within the U.S. through a merger with particular objective acquisition firm (SPAC) Black Spade Acquisition Co.

After the merger, the brand new entity can have an enterprise worth of roughly $27 billion and an fairness worth of $23 billion, “assuming no BSAQ shareholders elect to have their Black Spade shares redeemed for money as permitted,” VinFast and Black Spade stated in a joint assertion.

The transaction is anticipated to shut within the second half of 2023, it stated, including present VinFast shareholders will maintain roughly 99  % shares of the mixed firm.

VinFast, which started to promote EVs in California this yr, filed for an preliminary public providing within the U.S. to record on the Nasdaq underneath ticker image “VFS” in December final yr.

Black Spade Acquisition is a Hong Kong-based SPAC which listed on the NYSE in mid-July 2021 with a plan to merge, inside two years, with an organization ideally within the leisure enterprise, in keeping with its web site.