On Tuesday, the Vietnamese electric vehicle maker listed on Nasdaq following the completion of its merger.
SPAC is 'just a way for us to get listed'due to their speculative nature. Due to macroeconomic headwinds, many sponsors have been forced to scrap their proposed deals, sometimes even before the SPACs have been listed.
"We were ready to do a traditional IPO. We pursued the path for almost two years but the markets have been challenging so we decided to decouple the listing from the fundraising. We got the financial backing from our parent company and we went ahead with the listing by way of SPAC," said VinFast CEO Lê Thị Thu Thủy, in a CNBC interview on Tuesday.in April from Vingroup and Vingroup's chairman, Pham Nhat Vuong, to fund its global expansion.
When asked about the firm's decision to list via a SPAC in unfavorable market conditions, Lê said that it was"just a way" to get listed. "You saw how the market reacted when we opened today, right? I think it's just a way for us to get listed in the U.S. We didn't think of the reputation of SPACs," said Lê.
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