EV maker Zapp stock soars 75% amid VinFast SPAC deal news
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Zapp (NASDAQ:ZAPP), which went public through a SPAC merger earlier this month, saw its shares soar as high as 75% on Friday amid news that fellow EV maker VinFast plans to go public through a $23B SPAC deal.
Shares of Zapp recently changed hands at $3.52, up 15% from Thursday's close, at around 1:50 p.m. ET. The stock opened at $3.05, hitting a high of $5.34 in early afternoon.
Based in the UK, Zapp is a developer of high performance e-scooters and e-bikes. Zapp and SPAC CIIG announced plans to merge in November.
Earlier Friday, Vietnamese EV maker VinFast (VFS) said that it plans to go public through a merger with SPAC Black Spade (BSAQ) that pegged the equity value of the company at around $23B. VinFast had filed for a US IPO in December.
Two other EV-related SPAC mergers are also in the works. EV tech developer Zero Nox is slated to combine with SPAC Good for Growth (GFGD) while EV battery developer Honeycomb is expected to merge with Nubia (NUBI) International.
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