The Latest SPAC News and Rumors: May 17, 2023


The Latest SPAC News and Rumors: May 17, 2023

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. 

Latest SPAC News:  Martin Franklin’s new buyout vehicle raises $550 million in IPO, and VinFast targets profit after 2025

Martin Franklin’s New Buyout Vehicle Raises $550 Million in IPO

An acquisition company backed by serial dealmaker Martin E. Franklin has raised $550 million, exceeding an earlier goal for the initial public offering.

Admiral Acquisition Ltd. priced 55 million units at $10 each after earlier marketing 50 million units, according to a term sheet for the listing. The shares are expected to begin trading Wednesday on the London Stock Exchange.


Vietnam EV Maker VinFast Targets Profit After 2025, Founder Says

VinFast founder Pham Nhat Vuong said the electric vehicle maker could be profitable after 2025 if operations are “smooth” and break even by the end of 2024.

Vuong, speaking at a Hanoi shareholders’ meeting of parent company Vingroup JSC, forecast sales of EVs to reach 45,000-50,000 this year. The company may produce electric pickup trucks, a mini car and other models, subject to market demand.

Vingroup said last week it plans to go public in the US through a merger with special purpose acquisition company Black Spade Acquisition Co. (NYSE:BSAQ) in the second half of the year.