VinFast Investor Presentation Deck
V
Transaction Overview
Estimated Sources & Uses
Sources
VinFast Equity Shareholders (1)
BSAQ Cash in Trust(2)
PIPE
Total Sources
Uses
VinFast Rollover Equity
Cash to VinFast Balance Sheet
Illustrative Transaction Expenses
Total Uses
Amount ($mm)
23,000.0
169.0
TBD
23,169.0
Amount ($mm)
23,000.0
149.0
20.0
23,169.0
Illustrative Pro Forma (4)
Pro Forma Capitalization
VinFast Rollover Equity
Public BSAQ Shareholders(2)(3)
BSAQ Sponsor Shares
Total Shares Outstanding
Pro Forma Valuation
Share Price
Vinfast Shares Outstanding
Pro Forma Market Capitalization
Plus: VinFast Net Debt (5)
Less: Cash
Pro Forma Enterprise Value
Amount
2,300.0
16.9
4.2
2,321.1
39
%
99.1%
0.7%
0.2%
100.0%
Amount
$10.00
2,321.1
$23,211.3
$4,000.0
$149.0
$27,062.3
Note:
1. 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. Does not include award shares issued to select VinFast employees post closing
2. Assumes 0.0% redemptions
3. Not giving into effect public and private warrants striking at $11.50
4. Not including PIPE
5. Illustrative Net Debt held by VinFast at Close calculated as short-term liabilities plus long-term liabilities less cash and cash equivalentsView entire presentation