Investors should pay attention to how much they are. It helps to measure independent demand for vehicles on the road.
Vinfant (ticker: VFS) delivered 11,300 EVs in the first half of 2023. More than 7,000 of them were purchased by Vietnam’s taxi company, which is controlled by Green and Smart Mobility.
Vinggroup
(VIC. Vietnam), according to details in Tuesday with the Securities and Exchange Commission.
Disclosure is also included in the record. At the end of July. It’s a good idea to read the disclosure. U.S. and international accounting standards “require extensive disclosure of related-party transactions,” said Robert Willens, an accountant. They indicate sales of $6.3 million for green and smart mobility in the first quarter of 2023. Total first quarter sales were approximately $84 million.
The company said. Baron He will release the second quarter numbers later. He declined to discuss specific clients beyond the information in the SEC filing.
VinFast, like green and smart mobility, is regulated.
Vinggroup
And Vingroup’s former chairman Pham Nhat Vuong directly owns 51% of Vingroup’s stock, according to Bloomberg. Vuong currently serves as Chairman of the Board at VinFast.
About 1.2 billion of VinFast’s 2.3 billion shares are owned by Vingroup. Another 1.1 billion VinFast shares are held directly by Vietnam Investment Group, in which Vuong is listed as the sole shareholder, and another investment entity controlled by Vuong, Asian Star.
It actually controls 99.7% of VinFast’s stock, according to SEC filings.
That account also helps explain why Vinfant stock has traded sharply since the company completed its merger with a special-purpose acquisition firm in early August. Only a very small portion of the stock is available for trading.
Tuesday’s filing was to register about 11 million shares for sale. It is a secondary sale from existing shareholders. Most of the stock is related to SPAC mergers and the exercise of stock warrants. Sales increase the number of shares available for trading, which helps reduce volatility.
Vinfant shares closed at $10.45 on Aug. 14, a day before the company’s consolidated stock symbol was changed to “VFS.” Shares are traded on the Nasdaq stock exchange. Shares of Vinfant hit an intraday high of $93 on Aug. 28, giving the company a market capitalization of about $215 billion based on 2.3 million shares outstanding after the merger.
Coming into Tuesday’s trading, stocks have fallen for nine days in a row. Shares were up 4% in midday trading on Tuesday at $17.24 a share. of
S&P 500
And
Nasdaq Composite
It was reduced to 0.6% and 1.2%.
Write to Al Root at [email protected]
