VinFast enters the Nasdaq, while Mullen is hanging on for a thread: this week in EVs

Here's How Much Americans' 401(k) Balances Will Grow In 2023. Are Your Balances Going Away? – Here’s your weekly Pro recap of the past week’s biggest headlines in the electric vehicle space: VinFast joins the electric vehicle business in the US; Moline’s reverse stock split; And UAW talks are heating up.

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VinFast joins Nasdaq

A new player is coming to the Nasdaq arena all the way from Vietnam. Private takeover firm Black Spade (NYSE:BSAQ) held a vote Thursday in which shareholders approved a merger with EV vehicle maker VinFast, allowing the Vietnamese company to begin trading on the US platform as early as next week.

VinFast, in a statement shared with Black Spade, revealed on Friday that publicly traded shares of the company will be available under the symbol VFS “on or about August 15.”

Vingroup (HM: VIC) stock got a boost in the Vietnamese stock market after the announcement, jumping nearly 7% and reaching 72,600 dong ($1 = 23,760 dong), marking the stock’s new one-year peak. And in the Big Apple, Black Spade shares also had a bid, rising a whopping 73% to $18.50 on Thursday before settling at $14.64 at the week’s close on Friday afternoon.

Mullen fights to hold on

Michigan EV startup Mullen Automotive Inc (NASDAQ:MULN) took steps to preserve the company’s good reputation with Wall Street this week after the automaker enacted a 9:1 reverse stock split that took effect after midnight Aug. 11.

During the company’s annual shareholder meeting earlier this month, the owners gave their approval to an offer authorizing a reverse split. The main purpose of the proposal was to ensure that the company adhered to the NASDAQ listing rules, specifically the minimum bid price requirement of $1.

Unfortunately, shares of MULN fell 8.6% at the opening of trading on Friday, sending the newly adjusted share price back below $1. Shares quickly recovered, reaching a monthly high of $1.07 before ending the week at $1.01, just above the low.

For Mullen to stay in good standing with Nasdaq rules, the company must maintain a $1 share price for 10 consecutive business days.

Garbage talks in UAW negotiations

The “big three” — General Motors (NYSE: GM), Ford (NYSE: F), Chrysler parent company Stellantis (NYSE: STLA), and all electric car makers — each saw a significant drop in share price last week on mounting strike expectations. workers.

Recent reports show a wide gap between expectations on the part of the auto companies on the one hand, and the United Auto Workers (UAW), as contract negotiations continue in heated fashion.

UAW President Sean Fine called Stellantis’ proposals a “slap in the face,” and appeared to toss a copy of the proposals in the trash, during an online meeting to discuss negotiations last week.

“The administration’s actions can only be seen as a deliberate insult to us,” Fine said.

The UAW is seeking a salary increase of 40% over a four-year period, as well as additional leave and the reinstatement of previously removed defined benefit pensions for new employees.

Mark Stewart, Stellantis COO, said in a letter to his workforce that agreeing to UAW’s current demands could “jeopardize our ability to make decisions in the future that provide job security for our employees.” “Theatrics and personal insults are not going to help us reach an agreement,” Stewart added.

Existing contracts with Stellantis, General Motors, and Ford are set to expire on September 14th.

“The clock is ticking — it’s time to get down to business,” Fine warned.

STLA shares ended the week down 5.9%, while F and GM shares fell 5% and 6.8%, respectively.


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