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A new player is coming to the Nasdaq arena all the way from Vietnam. Special acquisitions company Black Spade (NYSE:BSAQ) held a vote Thursday where shareholders approved a merger with EV carmaker VinFast, allowing the Vietnamese company to begin trading on the U.S. platform as early as next week.
VinFast, in a joint statement with Black Spade, revealed Friday that shares of the publicly traded company will be available under the symbol VFS “on or around August 15.”
Vingroup’s (HM:VIC) stock had a solid boost on the Vietnam stock market following the announcement, jumping by almost 7% and hitting 72,600 dong ($1 = 23,760 dong), marking the stock’s new one-year peak. And over in the Big Apple, Black Spade’s shares had quite the show too, rocketing up by a whopping 73% to hit $18.50 on Thursday before leveling out at $14.64 by the week’s close on Friday afternoon.
Michigan EV startup Mullen Automotive Inc (NASDAQ:MULN) made moves to save the company’s good standing with Wall Street this week after the automaker enacted a 9:1 reverse stock split that went into effect after midnight on August 11.
During the company’s annual stockholders meeting earlier this month, the holders gave their approval to a proposition authorizing the reverse split. The main purpose behind the proposal was to ensure the company’s adherence to Nasdaq’s listing rules, specifically the minimum bid price requirement of $1.
Unfortunately, shares of MULN slid 8.6% at the opening of trading on Friday, sending the freshly adjusted share price back below $1. Shares quickly recovered, reaching a monthly high of $1.07 before ending the week at $1.01, just over the minimum.
In order for Mullen to remain in good standing with Nasdaq rules, the company must maintain a $1 share price for 10 consecutive business days.
The “big three” – General Motors (NYSE:GM), Ford (NYSE:F), and Chrysler parent Stellantis (NYSE:STLA), all EV makers – each saw a significant share-price drop this past week brought on by mounting expectations of a labor strike.
Recent reports show a wide gap between expectations on the part of the auto companies on one side, and the United Auto Workers (UAW) labor union, as contract negotiations continue in heated fashion.
UAW president Shawn Fain called Stellantis’ proposals “a slap in the face,” and appeared to toss a copy of the proposals in a trash bin, during an online meeting to discuss the negotiations last week.
“The management’s actions can only be seen as a deliberate affront to us,” said Fain.
The UAW is pursuing salary increases of 40% over a four-year period, as well as extra time off and a reinstatement of defined-benefit pensions that had been previously removed for newer employees.
Stellantis COO Mark Stewart said in a letter to his workforce that conceding to the existing UAW demands might “endanger our ability to make decisions in the future that provide job security for our employees.” Stewart added, “The theatrics and personal insults will not help us reach an agreement.”
The current contracts with Stellantis, General Motors and Ford are set to expire on September 14.
“The clock is ticking – time to get down to business,” warned Fain.
Shares of STLA ended the week down 5.9%, while F and GM traded down 5% and 6.8%, respectively.
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