VinFast Auto Ltd (NASDAQ stock code: VFS) is pleased to announce that it has signed an agreement with the YA II PN Fund (Yorkville) for the acquisition of VFS shares. The agreement grants VinFast the right to issue up to $1 billion in common shares of VFS to Yorkville, subject to the terms and conditions outlined in the agreement.
Yorkville Advisors is a US investment management fund with over 20 years of experience investing in listed companies. Their investment criteria prioritize strong management teams, key business fundamentals, and stock trading indicators. VinFast will have the option to request that Yorkville purchase up to $1 billion in common shares of VFS within the 36-month period specified in the Agreement.
Mr. David Mansfield, Chief Financial Officer of VinFast, stated, “This new capital provides us with flexibility and proactive access to funds, allowing us to expand our global business operations while enhancing the liquidity of our company’s shares. We will continue to explore various capital sources from the international market to support VinFast’s ongoing development.”
Commenting on the agreement, Mr. Mark Angelo, Founder and Chairman of Yorkville, expressed his enthusiasm, stating, “VinFast is truly a frontrunner in the electric vehicle industry. Yorkville is excited to be part of VinFast’s growth and development journey. We eagerly anticipate witnessing VinFast’s continued success in the electric vehicle market, and we take pride in our involvement as we strive towards a greener future.”
In April 2023, Mr. Pham Nhat Vuong pledged a donation of up to VND 24,000 billion (equivalent to $1 billion) to VinFast from his personal assets. Additionally, Vingroup Corporation, founded by Mr. Vuong, committed to a non-refundable sponsorship of up to VND 12,000 billion (equivalent to $500 million) and loans of up to VND 24,000 billion (equivalent to $1 billion) to further bolster VinFast’s resources for global expansion.
About VinFast:
VinFast, a subsidiary of Vingroup Corporation, aims to be at the forefront of the smart electric vehicle market as a premier brand. With a strong focus on electric SUVs, electric motorcycles, and electric buses, VinFast manufactures these vehicles in Vietnam for both domestic and international markets. Their expansion plans include entry into North America and Europe. For more information, visit www.vinfastauto.com.
About Yorkville:
Yorkville Advisors is a global investment management fund specializing in equity and debt capital. With a core focus on management teams, fundamental business factors, and stock trading indicators, Yorkville has invested in various sectors and geographical regions since 2001. Their team has provided growth capital to numerous public companies, often serving as the sole investor in capital financing transactions with a planned divestment strategy.
Source: PV (Tuoitrethudo)
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