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Barchart
Barchart
Mohit Oberoi

BIZARRE: Avoid this overvalued ev stock even at all time lows - You Need To See This

VinFast VFS SPAC Tesla Inc. IPO NIO Rivian

On Friday, Vinfast (VFS) stock sat out a broad-market rebound to hit an intraday low of $7.65 before managing to close marginally above $8. The startup electric vehicle (EV) company hit new all-time lows of $7.55 again this morning, and is now down around 24% from the special purpose acquisition company (SPAC) IPO price of $10.

VFS joins the long list of former SPACs that have crashed below the IPO price after the merger. Practically all of the green energy companies that went public through the SPAC reverse merger process over the last three years are now trading below the $10 price level – and if anything, VinFast stock’s boom-to-bust story has played out quite quickly.

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