VinFast Auto Ltd (NASDAQ stock code: VFS) announces the signing of an agreement with the YA II PN Fund (Yorkville) to purchase VFS shares. Under the agreement, VinFast has the right to issue up to $1 billion in common shares of VFS to Yorkville at any time, subject to the terms and conditions of the agreement.
Yorkville Advisors is a US investment management fund with over 20 years of experience investing in listed companies. Yorkville’s investment criteria focus on management teams, fundamental factors of the business, and stock trading indicators.
According to the agreement, VinFast will have the right to request that Yorkville purchase up to $1 billion in common shares of VFS at any time within the 36 months of the Agreement.
Mr. David Mansfield, Chief Financial Officer of VinFast, said: “This new capital provides us with flexibility and proactive access to capital to continue expanding our business operations globally while improving the liquidity of the company’s shares. We will continue to evaluate optimal capital sources from the international capital market to support VinFast’s development process.”
Sharing about the agreement, Mr. Mark Angelo, Founder and Chairman of Yorkville, said: “VinFast is truly a leading company in the electric vehicle industry. Yorkville is excited to be involved in VinFast’s development and growth process. We look forward to witnessing VinFast’s continuous success in the electric vehicle market in the near future, and we are proud to accompany VinFast in the mission for a greener future.”
Earlier, at the end of April 2023, Mr. Pham Nhat Vuong announced a donation of up to VND 24,000 billion (equivalent to $1 billion) to VinFast from his personal assets. Along with Mr. Vuong, Vingroup Corporation, founded by him, also announced 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 increase resources for VinFast’s global growth goals.
VinFast – a subsidiary of Vingroup Corporation – with a vision to become a leading smart electric vehicle brand, is driving a strong global electric vehicle revolution. VinFast manufactures a range of electric SUVs, electric motorcycles, and electric buses in Vietnam, exports to North America, and is soon to expand to Europe. Learn more at: www.vinfastauto.com
Yorkville Advisors is a global investment management fund, investing in equity and debt capital. Yorkville’s investment criteria focus on management teams, fundamental factors of the business, and stock trading indicators. Yorkville’s funds have a wide investment scale in various sectors and geographical areas and are often the sole investor in capital financing transactions to have a planned divestment strategy. Yorkville’s team has provided growth capital to many public companies since 2001.