VinFast, the high-spending Vietnamese automaker with bold plans in North Carolina, has for months sought a path to the stock market. It’s now poised to take an alternative route to get there.
Last week, VinFast pivoted from its pursuit of a traditional initial public offering, announcing it will instead go public in 2023 via a special purpose acquisition company, or SPAC.
A SPAC, also known as blank check company, is a publicly traded shell company that serves as a vehicle for a private company to become public. Once the two companies merge, the private company gets a public listing.
