Vietnamese EV Maker VinFast Surges in Nasdaq Trading Debut
VinFast Auto Ltd. (NASDAQ:VFS) soared in a volatile first day of trading as the Vietnamese electric-vehicle maker looks to raise its profile and take on established car manufacturers.
The company’s shares doubled to $20.88 as of 10:06 a.m. in New York. The stock surged as much as 130% shortly after the market opened, triggering multiple trading halts.
VinFast debuted on the Nasdaq Global Select Market under the symbol VFS after completing a merger with blank-check company Black Spade Acquisition Co. that valued it at $23 billion. The company is backed by Vietnam’s richest man.
Crowe pays $750,000 to settle SEC charges over Spac audit failures
London-based auditors Crowe LLP have been hit with a $750,000 penalty over deficient audit work for music streaming company Akazoo Limited.
In an August 14 statement, which also fined chief executive Nigel Bostock and senior auditor Matthew Stallabrass, the Securities and Exchange Commission in the US said the firm issued a clean audit of Akazoo’s 2018 statements, but the business – which went public via a special purpose acquisition company – was later revealed to have falsely claimed in 2018 statements that it had $120m in revenue.