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U.S. oil and gas producer Occidental Petroleum (OXY.N) on Tuesday agreed to pay USD 1.1 billion for technology supplier Carbon Engineering Ltd. to help it develop a string of carbon-capture sites it hopes will profit from tackling climate change.
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Today’s News
Despite the rapid rise of electric cars (E.V.) capturing the public’s interest in recent times, they have been hounded by poor reviews as well as its pace of making fewer sales this year against fuel injection vehicle manufacturers such as General Motors Co. (G.M.) does in a week.
Yet that hasn’t stopped VinFast Auto Ltd. from becoming the latest beneficiary of speculative fervor around the newly minted SPAC deals — many of which end up tumbling over in the long run.
The Vietnamese automaker’s shares surged by an astounding 255% yesterday when it debuted on the Nasdaq Global Select Market, pushing the company’s market capitalization above that of industry giants G.M. and Mercedes-Benz. It added approximately USD 39 billion to the existing net worth of chairman Pham Nhat Vuong, whose fortune now stands at a blistering USD 44.3 billion, according to the Bloomberg Billionaires Index.
This would be the latest example of a thinly traded company soaring on its debut after completing a merger with a special-purpose acquisition company. Many have experienced eye-popping rallies that ended a few trading sessions after the merger closed, as traders look to make a quick profit on companies with limited shares — meaning the jump in Vuong’s wealth may be short-lived.
De-SPACs, the term for firms that go public via a SPAC merger have made their debut this year, experienced a median slump of about 45%, with 18 of them wiping out more than 70% of their value, according to a Bloomberg data.
Other related news are as follows:
VinFast Surges In Nasdaq Trading Debut
VinFast Auto Ltd. soared on its very first day of trading as the Vietnamese E.V. maker looks to raise its profile to take on established car manufacturers.
VinFast debuted on the Nasdaq Global Select Market under the symbol VFS after completing a merger with blank-check company Black Spade Acquisition Co. that valued it at USD 23 billion. The company is backed by Vietnam’s richest man, Pham Nhat Vuong, who added tens of billions of dollars to his net worth with VinFast’s debut gains.
VinFast’s De-SPAC Valuation Surpasses U.S. Automakers
VinFast Auto Ltd. soared in its debut as a public company, vaulting its market capitalization beyond that of General Motors Co. and Ford Motor Co., as traders capitalized on the opportunity to flip its shares and make a quick profit.
The Vietnamese company, which went public in a SPAC deal, is worth an estimate of USD 85 billion after shares soared yesterday, rising to USD 37.06 in New York, up by a staggering 270% from the SPAC’s IPO price and more than tripling the deal’s USD 23 billion implied equity value.
VinFast To List On Nasdaq In Rare SPAC Venue Switch
Prior to VinFast’s miraculous surge, shares of the SPAC spiked as much as 76% in New York to trade as high as USD 18.80. The jump came as more than 700,000 shares changed hands, triggering at least one volatility-related halt. The planned Nasdaq listing, confirming an earlier Bloomberg news report, caps VinFast’s year-long efforts to become a publicly traded company. The manufacturer is selling made-in-Vietnam electric vehicles and is currently building a factory in the U.S.
Overall, VinFast still has a long way to go though. The company has been held back by operational problems, hobbling its ambition to gain market share in the competitive EV space. In May, VinFast recalled all the electric sport utility vehicles shipped to the U.S. over a software malfunction, and its losses have been widening due to the cost of its expansion.
