VinFast Electrification Strategy
V
Transaction Summary Overview
Transaction
Structure
Valuation
Capital
Structure
On May 12, 2023, VinFast and BSAQ jointly entered into a business combination agreement
.
BSAQ and VinFast are working towards a completion by September 30th 2023, subject to regulatory and shareholder approvals,
along with other customary closing conditions (1)
The business combination values VinFast at an enterprise value of ~ US$27 billion and an equity value of US$23 billion, not including
BSAQ's US$169 million of cash in trust (2)(3)(4)
After the transaction, existing VinFast shareholders will hold approximately 99% of the outstanding shares of the combined company
The transaction will be funded by a combination of BSAQ cash held in a trust account and VinFast ordinary shares and existing capital
resources including debt
Proceeds from the transaction and VinFast's existing capital resources to fund continued growth of the combined company and
accelerate the roll-out of its next-generation electric vehicles and solutions
⚫ Backstop of US$30.0 million provided by BSAQ Sponsor
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Note:
1. The business combination agreement can be terminated for reasons including if the Closing has not occurred on or before September 30, 2023 and there is not cause for an automatic extension to a date no later than December 30, 2023
2. Assumes 0.0% redemptions
3. Not giving effect to public and private warrants striking at $11.50 and potential PIPE
4. Does not include earnout shares issued to select VinFast employees upon achieving or exceeding 2023 revenue target of US1.875 billion as set out in the business combination agreement. The VinFast management incentive earnout is not intended to be a projection or forecast. It reflects numerous assumptions concerning VinFast's anticipated future performance, including
those that remain beyond Black Spade's or VinFast's control, and that may not materialize. No reliance should be placed on the earnout as a projection or forecast about Vingroup.View entire presentation