All articles tagged with #spac merger
French neutral-atom quantum computer developer Pasqal debuts on Nasdaq via a merger with SPAC Bleichroeder Acquisition II, jumping about 40% on its first trading day. The deal comes as Pasqal expands with a Saudi JV through Eleven Ventures to push into the MENA region, strengthens its U.S. presence with a Chicago HQ, and counts Nobel-laureate Alain Aspect among its co-founders, underscoring growing market interest in quantum tech.
Truth Social, the media company linked to Donald Trump, experienced a volatile debut on the stock market, with its share price surging nearly 60% before ending the day with a 16% increase. The company's market capitalization briefly crossed $10 billion despite reporting an operating loss of $10.6 million on revenue of $3.4 million. Experts likened its trading to meme stocks, attributing the surge to Trump supporters demonstrating loyalty rather than punishing short-sellers. With Trump owning nearly 79 million shares, the stock's debut added $300 million in cash to its balance sheet, but experts remain skeptical about its long-term prospects given its lack of demonstrated growth and ability to make money.
VinFast, the Vietnamese automaker, has received shareholder approval from Black Spade for its SPAC merger, paving the way for its debut on the Nasdaq next week. The merger is expected to close on August 14, 2023, with VinFast's new ticker symbols being "VFS" and "VFSWW". The approval demonstrates confidence in the partnership between VinFast and Black Spade, and the automaker is eager to take advantage of the opportunities that the collaboration will bring. VinFast recently started construction on its first US production facility and aims to expand to new global markets.
Vietnamese automaker VinFast plans to go public via a SPAC merger with Black Spade Acquisition Co, valuing the company at $27 billion with an equity value of $23 billion. The merger is expected to close in the second half of 2023. VinFast may offer up to $50 million worth of "free bonus" ordinary shares to employees if certain conditions are met. The move is seen as a way for VinFast to raise capital for its global expansion ambitions.