Yorkville Advisors, a New Jersey based hedge fund, has signed a standby equity subscription to buy over $1bn VinFast Auto company shares, according to a report by Forbes.
VinFast Auto is an electric vehicle maker controlled by Pham Nhat Vuong, Vietnam’s richest person, who has a net worth of $4.5bn. VinFast has pivoted to exclusively producing EVs since 2022 and is gearing up to challenge Tesla. It started trading on Nasdaq in August, after a merger with Black Spade Acquisition Co valued it at $23bn.
The shared sale can be executed anytime within the next 36 months, while further details of the deal were not disclosed.
