In This Article:
Investing.com -- Here is your weekly Pro Recap of the past week's biggest headlines in the electric vehicle space: VinFast joins EVs trading in U.S.; Mullen’s reverse stock split; and UAW talks get heated.
As always, InvestingPro users get EV headlines at lightning speed. Never miss another opportunity to secure an edge for your portfolio.
VinFast joins the Nasdaq
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.
Mullen fights to hang on
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.
Trash talk in UAW negotiations
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.