VinFast gets into Nasdaq, while Mullen hangs on by a thread: This week in EVs
Investing.com — Here is your weekly Pro Recap of the past week's biggest headlines in the electric vehicle space: VinFast joins EVs trading in U.S.; Mullen’s reverse stock split; and UAW talks get heated.
As always, InvestingPro users get EV headlines at lightning speed. Never miss another opportunity to secure an edge for your portfolio.
A new player is coming to the Nasdaq arena all the way from Vietnam. Special acquisitions company Black Spade (NYSE:BSAQ) held a vote Thursday where shareholders approved a merger with EV carmaker VinFast, allowing the Vietnamese company to begin trading on the U.S. platform as early as next week.
VinFast, in a joint statement with Black Spade, revealed Friday that shares of the publicly traded company will be available under the symbol VFS «on or around August 15.»
Vingroup's (HM:VIC) stock had a solid boost on the Vietnam stock market following the announcement, jumping by almost 7% and hitting 72,600 dong ($1 = 23,760 dong), marking the stock's new one-year peak. And over in the Big Apple, Black Spade's shares had quite the show too, rocketing up by a whopping 73% to hit $18.50 on Thursday before leveling out at $14.64 by the week's close on Friday afternoon.
Michigan EV startup Mullen Automotive Inc (NASDAQ:MULN) made moves to save the company’s good standing with Wall Street this week after the automaker enacted a 9:1 reverse stock split that went into effect after midnight on August 11.
During the company's annual stockholders meeting earlier this month, the holders gave their approval to a proposition authorizing the reverse split. The main purpose behind the proposal was to ensure the company's adherence to Nasdaq's listing rules, specifically the minimum bid price requirement
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