AUGUSTASIA BUSINESS OUTLOOK8NEWSROOMFOODTECH STARTUP GOODMORNING GLOBAL RAISES $4.41 MILLION THROUGH EQUITIESUSA'S SEC APPROVES MERGER OF VINFAST AND BLACK SPADEThe U.S. Securities and Exchange Commission (SEC) has declared effective the registration statement of Vietnamese automaker VinFast Auto Pte. Ltd. (VinFast) and special purpose acquisition company Black Spade Acquisition Co (Black Spade).According to a statement issued by VinFast on Friday, Black Spade has scheduled an extraordinary general meeting of shareholders (EGM) on August 10 to approve the proposed business combination with VinFast.VinFast has an enterprise value of $27 billion and an equity value of $23 billion as a result of the business combination.The transaction is expected to close in August 2023, followed by VinFast's listing, subject to shareholder approvals and other customary closing conditions."Today represents a remarkable milestone in advancing VinFast's presence in the U.S. as we move towards our proposed U.S. listing," said Madame Thuy Le, Global Chief Executive Officer of VinFast Auto Pte. Ltd."Along with this exciting step, today we also celebrate the start of construction of our electric vehicle (EV) factory in North Carolina,"These achievements will help accelerate our commitment to the global green mobility revolution and our mission to help consumers make the switch to an electric vehicle (EV) easier and more accessible, while also opening a strategic capital-raising avenue for our global ambitions," she added.Dennis Tam, Co-Chairman and Chief Executive Officer of Black Spade Acquisition, stated that the SEC effectiveness declaration is a significant step towards the successful completion of the business combination between Black Spade and VinFast."We have diligently sought out a partner who aligns with our vision, and we are confident that this merger will position us for long-term success," he stated. GoodMorning Global Group, a foodtech company based in Malaysia, has raised MYR 20 million ($4.41 million) through equity crowdfunding. GoodMorning Global announced last Friday that it had raised the fund from 1,046 investors.Dr. Lim Sin Boon, the firm's Founder and Executive Chairman, described the success of the equity crowdfunding campaign as a watershed moment in the company's commitment to improving consumer health and creating value for shareholders.He reaffirmed the group's commitment to contributing to a shared global future by addressing challenges such as climate change, rising sea levels, and food crises by promoting affordable nutritionally balanced plant-based protein food. He attributed GoodMorning's rise to the top grain beverage brand in Malaysia, with a remarkable 70% market share, to its customers' unwavering support and love.GoodMorning Global has also formed strategic alliances with private companies and academic institutions such as Eastern Arrow LLC, University Tunku Abdul Rahman, and Tunku Abdul Rahman University of Management and Technology to combat global greenhouse gas emissions and food crises. In addition, the company has initiated collaborative research projects in the fields of food and biotechnology. The company also emphasised its global commitment to promoting affordable and nutritionally balanced plant-based protein food.
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