Shares in Vietnamese electric vehicle maker VinFast surged on their Nasdaq debut on Tuesday after the company closed its merger with a special purpose acquisition company in Asia's biggest stock merger so far this year.
The stock opened at $22, more than double the last closing for VinFast's SPAC partner Black Spade Acquisition. VinFast had been valued at $23 billion in the deal. VinFast shares closed Tuesday at $37.06, up 68.4 percent.
Several other EV makers have listed via such SPAC deals, which have attracted increased scrutiny from both investors and regulators, especially as competition in the EV market heats up.