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Black Spade Acquisition Co

BSAQ · NYSE

Trust settledVinFast Auto Ltd. · Finished

NO ACTION REQUIRED

Nothing left to do

The purchase completed and the shares became shares in the company it bought. There is no deadline left to miss.

Cash at settlement

no closing figure

No cash-per-share figure was filed for this vehicle before it finished.

Last close

no quote on file

Daily close

Nothing left to claim

this vehicle finished

There is nothing to hand back: holders who wanted cash elected it at the vote, and the rest became shares in the buyer.

Read what happened to the cash

The floor

Trust settled

This SPAC has finished — its trust was paid out or used to close the deal, so there is nothing left to redeem

Read the reasoning behind this verdict

No price history on file yet — daily closes accumulate from the market data feed.

Trust settled · There is no line to draw here. This vehicle has finished: the cash was paid back or spent closing the deal, so the last filed figure describes an account that no longer exists and would be a floor under nothing.

SpacBrain’s read

Trust settled

The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).

In plain terms

What it is
A SPAC from Black Spade Sponsor LLC, listed on NYSE in July 2021.
What it's doing now
It agreed to buy VinFast Auto Ltd., an electric vehicle manufacturing company. That purchase completed, and it stopped being a SPAC — the shares became shares in the business it bought.
What you should know
This SPAC has finished. The purchase completed, and the shares became shares in the company it bought — anyone who wanted the cash instead asked for it at the vote, so there is no cash left here to claim and no deadline left to miss.

At a glance

Where it stands
Closed (deSPAC)
The business it bought
VinFast Auto Ltd.
Industry
Consumer Discretionary — electric vehicle manufacturing
Deal value
not stated in the filings we hold
Price vs cash at settlement
no live price on file
Cash in trust when it settled
not yet extracted into a snapshot — the filings below may state it
the last trust total filed while this was still a SPAC — the account has since been paid out or used to close the deal
IPO
16 July 2021
size not on file · 100.0% of each $10 unit into trust
Headquarters
SUITE 2902, 29/F, THE CENTRIUM, HONG KONG, K3, 00000
registered in the Cayman Islands
Lead underwriter
not extracted from the prospectus yet
Key officers
Moore Robert Steven (Director) · Chan Po Yi Patsy (Director) · Ng Shing Joe Kester (Co-CEO)
Listed securities
BSAQ common
Cash held per sharenot filed for this window

This vehicle has finished, so there is no window to file a cash-per-share figure for and none will follow. No estimate is shown in its place.

Shares already handed backthe filing does not state a pre-event share count

At the 10 August 2023 event.

0001193125-23-210514opens on sec.gov in a new tab

Next date that mattersno dated event on file

Nothing dated is on file. That is an absence in the record, not a statement that nothing is coming.

Yield to redemption

Nothing left to redeem — no yield to compute.

This SPAC has finished — its trust was paid back or used to close the deal, so there is nothing left to redeem and no yield to compute. A yield to redemption is a claim that you can hand these shares back for the trust cash. That account is closed, so this page will not print a number here.

What happened to the cash

The reasoning behind the verdict above, in the order the filings establish it.

  1. The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).

What has happened, and what is coming

2 dated milestones

Every dated step from the day it listed to the next date you may have to act on. Where you have to do something, the day your broker needs the instruction is marked too.

  1. 16 July 2021IPOpassed

    IPO size not on file

  2. 10 August 2023Shares handed backpassed0001193125-23-210514opens on sec.gov in a new tab

    redemption rate not stated in the filing

The deal

terms as filed

What it is buying, on what terms, and how much of the combined company new shares take from you.

  • VinFast Auto Ltd.—
    closedConsumer DiscretionarySEC primary

    What VinFast Auto Ltd. does — read from vinfastauto.us on 26 August 2026

    VinFast is described as an innovative electric car company that prioritizes premium craftsmanship and engineering. The site highlights its EVs' human-centered tech, a 10-year/125,000-mile new vehicle warranty, and access to over 250,000 public chargers in North America. It also mentions cost savings compared to gas vehicles and offers a certified pre-owned program.

    Electric VehicleseBikesEnergy
    Deal structureSEC-primary — BCA 8-K / S-4 / DEFM14A
    PIPE
    ≈ $150M · unsourced

    PIPE terms — instrument, coupon, conversion price and any reset floor — are not sourced for this deal. The size above is itself unsourced — a stored figure no filing we hold states — so neither the size nor the terms should be read as cited.

    stated in:0001193125-23-197067 opens on sec.gov in a new tab

Who has already taken their money back

1 filed event

Each time shareholders were offered their cash back, some took it. Heavy cash-outs drain the account and shrink the number of shares left — whatever remains has to carry the deal.

Worst single event

—

no filing states a pre-event share count

Shares redeemed, all events

1.44M

across every filed redemption event

Every figure below is stated in the linked filing; nothing here is estimated.

The score

deterministic, from filed fields

BSAQ is not in the scored universe, so no score is shown. A withheld score is a fact about the record, not a verdict about the company.

Asymmetric return scoreNeither a price nor a cash-per-share figure is on file for this vehicle, and the score is a ratio between the two. Nothing is estimated to fill the gap.

The score is only published for names that carry both a price and a filed cash-per-share figure — 292 of the tracked fleet today. The rest keep an empty dial rather than a modelled one, and fill in by themselves as the fields land.

See the names that are scored, and how

The company

from SEC filings
Read the full profile

Black Spade Acquisition Co (BSAQ) was a blank-check company whose common stock traded on the New York Stock Exchange under the ticker BSAQ. The company priced its initial public offering on July 16, 2021, as reflected in its 424B prospectus. On August 14, 2023, Black Spade Acquisition Co consummated a previously announced business combination pursuant to a business combination agreement dated May 12, 2023, by and among Black Spade, VinFast Auto Ltd., a Singapore public limited company, as established by its 8-K filing of that date. The vehicle is now closed and no longer files with the SEC.

Material findings

from the full read of every filing

Every document this company files gets read whole — body and exhibits. These are the ones the read flagged as material, newest first, each citing its filing.

  • DEFM14A28 July 20230001193125-23-197067opens on sec.gov in a new tab

    A $23 billion equity value ascribed to a loss-making Vietnamese electric vehicle maker, struck at a notional $10.00 per share equal to the SPAC's own trust deposit, means public holders rolling in are paying trust value for a stake in a company whose valuation has never been market-tested. Only 6,974,285 shares are registered for the SPAC side against 14.8 million warrants, so the public float in the combined entity is tiny relative to the founder-held base and warrant overhang. Redemption at the pro rata trust amount remains the cash alternative.

Filings

live EDGAR feed

Everything this company has filed with the SEC recently, newest first, each with a plain summary of what changed and why it matters.

Show the other 10 filings

The record

The reference detail — how the shares were structured at listing, how thinly they trade, and where the company is registered.

Show the reference detail

Unit structure

Cash in trust at IPO$10.00

Unit: U = S + W/2 · 100.0% of the $10 unit

from 424B4 0001193125-21-217273

Trading & liquidity

Average daily volume (20d)no volume reported on the bars we hold
Average daily $ volumeneeds both volume and a live price
Range over the bars heldnot enough price history
Total cash in trustthe trust total is not in the last XBRL stamp

Company profile

Industry (SIC)Blank Checks (6770)
Registered inthe Cayman Islands
Exchange · CIKNYSE · 0001851908

All filings on EDGARopens on sec.gov in a new tab

Institutional holders

from SC 13G/13D

Funds that have declared a stake above 5%. Heavy ownership by arbitrage funds usually means heavy cash-outs at the next vote.

Show the declared stakes

8 filers with a stake on file · 0 re-affirmed in the last 12 months. A stake with no amendment since is the filer’s last word on it, not proof it is still held — and percentages filed in different years are percentages of different floats, because this vehicle’s share count collapses at every redemption.

One line per filer, not per reporting person: a joint schedule names the management company, its funds and often the individual who controls them, and all of them report the same shares. Click a name for that filer’s whole footprint across every SPAC it has declared a stake in.

News

company wires and the financial press

Reporting we have matched to this ticker. Headlines belong to the outlets that wrote them.

Show the headlines

Sources on file

harvested pages, kept in full

Every public page we have read about this company, stored in full so a source can never go missing.

Show the sources

36 full SEC filing texts archived — searchable, never lost.

In plain English

tap a term to open it

Every piece of jargon this page could have used, and what it actually means.

Open the plain-English guide
No floor / floorlessthe cash guarantee is gone — the price is unprotected

A SPAC's downside protection is not the cash in trust; it is your right to demand that cash. Once the redemption window closes, the cash stays with the company and the share can trade anywhere.

Redemption deadlinethe last day to hand shares back for cash

Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.

Broker action datethe day your broker needs the instruction — earlier than the official date

Brokers batch redemption instructions to the transfer agent, so the practical cutoff is roughly two business days before the published deadline. This is the date that actually costs people the floor.

Cash in trust / trust per sharethe cash the company is holding for each public share

Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.

Trust discountbuying below the cash held for you

Only meaningful while a redemption right exists. On a floorless name the same arithmetic is not a discount, it is the market pricing distress, and this product will not call it a yield.

Dilutionhow much of the company new shares take from you

Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.

Pro-forma equitywhat the company is valued at once the deal closes

The combined company's equity value assuming the announced terms and the redemptions that have actually happened.

ARShow much upside you get per unit of downside

SpacBrain's asymmetric-return score. It is deterministic — the same inputs always produce the same number — and it is capped, not zeroed, when the floor is gone.

De-SPACthe day the SPAC becomes the real company

The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.

Outside datethe contractual long-stop for closing the deal

A deadline between the SPAC and its target, not between the SPAC and you. It confers no right to cash, which is exactly why it must never be counted as a redemption window.

Accession numberthe SEC's unique id for one filing

Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.

Accreted NAV (estimate)the last filed cash figure, plus the interest it should have earned since

A model, not a filing: last filed value compounded at the 3-month T-bill for the days elapsed. Always shown in italic with the word estimate, and never printed beside a filed number without it.

Ask the brain

from its filings
Data provenance & audit trail7 internal entries

Written by SpacBrain’s data agents whenever a figure is captured, corrected or flagged, and kept verbatim so every number on this page can be traced back to the filing that states it. This is a running log, not the current record: an early entry may be superseded by a later correction — the panels above always hold the current values.

BSAQ — company record
UNIVERSE-HISTORY2026-08-16

admitted from the HISTORICAL census (EDGAR's SIC 6770 registrant list, walked in full: 3,325 registrants, 1,167 of which ever priced an IPO). The live discovery job cannot reach this registrant — it reads the filing tape, and this one stopped filing. Admission rule: src/lib/universe-admit.ts. SIC 6770 (Blank Checks); 424B 0001193125-21-217273 priced 2021-07-16; common ticker BSAQ off 8-K 0001193125-23-209692 (2023-08-11); lifecycle EXITED. Ending PROVEN, not inferred: CLOSED per 8-K 0001193125-23-212387 (2023-08-14) — tory Note On August 14, 2023, Black Spade Acquisition Co (“BSAQ”, “Black Spade” or the “Company”) consummated the previously announced business combination pursuant to the business combination agreement, dated as of May 12, 2023, by and among Black Spade, VinFast Auto Ltd., a Singapore public limited company (formally known as “VinFast Auto Pte. Ltd. ipoSizeM and deadline left NULL: gross-proceeds prose conflates the over-allotment with the offering, and a charter deadline belonging to a vehicle that has ended is a date nobody can act on. ipoDate is the 424B pricing date.

SECURITY-TERMS-MINED2026-08-19

warrantStrike=11.5, unitSeparationDays=52 from the definitive prospectus (0001193125-21-217273). NOT FILLED: warrantCallPrice — no stated candidate; rightShareRatio — no stated candidate

SPONSOR-ID2026-08-14

sponsor "Black Spade Sponsor LLC" sourced from prospectus definition (10-K/A) acc 0001193125-22-226470.

Deal — VinFast Auto Ltd.
UNTAGGED

[CLOSED-2.01] SEC accession 0001193125-23-212387 (Form 8-K, item 2.01 Completion of Acquisition or Disposition of Assets); the cover's date of earliest event reported is 2023-08-11. That is the SEC's own date for this report and NOT necessarily the closing day — an 8-K may cover several events, and where the two differ the closing date is in the quoted sentence below. Target read STRUCTURALLY from the merger agreement's party list — the party that is neither the registrant (identified by the filing's own cover page) nor a merger sub (identified by the clause making it a subsidiary of another party) nor an accommodation party (identified by a "solely for purposes of" joinder), and it was the only one left. The sentence it was read from: "☐ Introductory Note On August 14, 2023, Black Spade Acquisition Co ("BSAQ", "Black Spade" or the "Company") consummated the previously announced business combination pursuant to the business combination agreement, dated as of May 12, 2023, by and among Black Spade, VinFast Auto Ltd., a Singapore public limited company (formally known as "VinFast Auto Pte. Ltd.," together, "VinFast") and Nuevo Tech Limited, a Cayman Islands exempted company and wholly owned subsidiary of VinFast ("Merger Sub") (the "Original Business Combination Agreement") as amended by the First Amendment to Business Combination Agreement, dated as of June 14, 2023 (the "First Amendment to Business Combination Agreement" and, together with the Original Business Combination Agreement, the "Business Combination Agreement")." No deal value is set — an item-2.01 heading is not a figure. No date column is set: Deal has announcedAt, voteDate and expectedCloseAt and nowhere to record an actual close, so the SEC's date is kept here until that column exists. [DEAL-STRUCTURE-MINED] pipeSizeM=150 from primary filings (0001193125-23-197067).

PROFILE-STUB2026-08-25

entity created from the filed target name; no About paragraph on file, so every other field awaits a sourced read

PIPE2026-08-29

pipeBasis set to UNSOURCED: the size came from the research seed / an earlier record and no filing we hold states it — surfaces now label it "unsourced"; an LLM re-read to FILED replaces this when credits allow

SEGMENT-FROM-FILING2023-08-14

OTHER confirmed, on 8-K 0001193125-23-212387: "VinFast Auto Ltd., a public limited company incorporated in Singapore, having its registered office at 61 Robinson Road, #06-01, 61 Robinson, Singapore 068893"

Also listed inSPACs with warrants
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