Vietnamese electrical automaker VinFast stated on Friday it would listing in the US by way of a merger with particular objective acquisition firm (SPAC) Black Spade Acquisition Co.

The transfer comes after the startup final month stated it had obtained a contemporary spherical of funding pledges value $2.5 billion from father or mother firm Vingroup, Vietnam’s greatest conglomerate, and founder Pham Nhat Vuong, Vietnam’s first billionaire and richest man.

After the merger, the brand new entity can have an enterprise worth of roughly $27 billion and an fairness worth of $23 billion, “assuming no BSAQ shareholders elect to have their Black Spade shares redeemed for money as permitted,” VinFast and Black Spade stated in a joint assertion.

The transaction is predicted to shut within the second half of 2023, it stated, including current shareholders of VinFast will maintain roughly 99% of the shares of the mixed firm.

VinFast, which was based in 2017 and commenced promoting EVs in California this yr, beforehand filed for an preliminary public providing within the U.S. to listing on the Nasdaq below ticker image “VFS” in December final yr, aiming to boost about $60 billion.

The corporate has stated it has virtually 55,000 orders globally and is ready to churn out 300,000 EVs per yr.

Black Spade Acquisition is a Hong Kong-based SPAC which listed on the NYSE in July 2021 with a plan to merge, inside two years, with an organization ideally within the leisure enterprise, in accordance with its web site.

It was based by Black Spade Capital Restricted, the personal funding arm of Lawrence Ho, the pinnacle of Melco Resorts & Leisure Ltd, which operates casinos in Macau and the Philippines, in accordance with the corporate’s web site and Refinitiv.

“The partnership with Black Spade and itemizing of VinFast within the U.S. represents the right capital elevating avenue for our future international ambitions,” Thuy Le, VinFast’s international chief government, stated.

VinFast’s transfer to listing by way of a particular objective acquisition firm follows the likes of EV corporations Microvast, Faraday Future, Nikola Corp and Lucid , regardless of a cooling within the as soon as frenzied SPAC market, which has been subjected to nearer scrutiny by the U.S. Securities and Alternate Fee.

SPACs are seen as a fast path to the inventory market, notably for auto know-how corporations, and have confirmed widespread with buyers looking for Tesla-like inventory valuations — though the valuation of merged corporations usually falls within the months after itemizing.