Winfast and Black Spade Announce That Black Spade’s Shareholders Have Approved the Business Combination Plan

Final voting results will be included in a report on Form 8-K filed by Black Spade with the US Securities and Exchange Commission (“SEC”).

The consolidation transaction is expected to close on August 14. Post-transaction, Winfast will operate as a consolidated company. WinFast’s common shares and warrants are expected to begin trading on or about August 15 on The Nasdaq Stock Market LLC (“Nasdaq”) under the new listing codes “VFS” and “VFSWW”, respectively.

According to Ms. Le Thi Thu Thu, Vice President of VinGroup and General Director of VinFast worldwide, today’s voting results reflect the confidence Black Spade shareholders have in the Vietnamese car company.

“I am proud of the accomplishments we have made so far, and I look forward to the new, exciting and potential journeys this partnership will take in the future,” Ms. stressed.

Mr. Dennis Tam, President and Co-CEO of Black Spade, Shareholders strongly approved the business combination, demonstrating their confidence in the vision and potential of the partnership between Black Spade and Winfast.

“The proposals relating to the Business Combination have received strong support from Black Spade shareholders, with approximately 99.99% of the votes cast in favor of approving the Business Combination. Thanks to the solid support, we are confident of our shareholders, we are proud to One step closer to a milestone – making WinFast a listed company in the US,” said Mr. Dennis Tam.

VinFast is a subsidiary of Vingroup and was established in 2017. With a mission to build a more sustainable future for all, the Vietnamese automaker has transitioned to fully electric vehicle production by 2022.

At present, the company has successfully developed a comprehensive electric vehicle ecosystem, including electric SUVs (from minicars to 5 basic segments: ABCDE); Electric scooters and electric buses. Vinfast cars are sold in Vietnam, North America and soon Europe. The company has a modern automobile production base in Hai Phong, with an automation rate of up to 90% and an annual production capacity of up to 300,000 vehicles in Phase 1.

Vinfast electric car models assigned to the Vietnamese market include: VF E34, VF8, VF9 and VF5. In early 2023, Vinfast exports the first 2 batches of VF8 cars to North America, an important milestone. In its journey to become a globally recognized electric vehicle brand.

On July 28, Vinfast began construction of an electric vehicle factory in North Carolina, a major step in the company’s global expansion and supply chain development in the North American market.

Black Spade was founded by Black Spade Capital and is listed on the NYSE American Stock Exchange. Black Spade Capital currently operates a portfolio that includes a wide range of cross border investments and is continually looking for opportunities to expand this portfolio.

Additional information on the consolidation transaction, including a copy of the merger agreement, is provided by BSAQ in its Report on Form 8-K filed with the U.S. Securities and Exchange Commission (“SEC”) on May 12 at www.sec.gov.

Details of the consolidation transaction are also described in Winfast’s registration documents, including BSAQ’s shareholder opinion form and Winfast’s prospectus relating to the business combination transaction filed with the SEC on the same date. June 15-06.