VOLUME 8 ISSUE 25 | THURSDAY, AUGUST 17, 2023
CHATHAMNEWSRECORD.COM
C HATHAM NEWS & R ECORD THE CHATHAM COUNTY EDITION OF THE NORTH STATE JOURNAL
PJ WARD-BROWN | NORTH STATE JOURNAL
Le The Thu Thuy CEO of VinFast Global speaks during the VinFast Groundbreaking Ceremony in Moncure, NC on July 28, 2023.
VinFast completes SPAC deal, begins public trading Board to seek public input at upcoming meetings By Matt Mercer North State Journal MONCURE — VinFast, which recently broke ground on its new electric vehicle manufacturing facility, took its latest step in the company’s expansion into the United States and began trading publicly Tuesday. Last week, the Vietnamese automotive company and Black
Spade Acquisition Group completed its merger, clearing the way for public trading. VinFast and Black Spade completed their deal through a Special Purpose Acquisition Company agreement. “Becoming a U.S-listed company marks a significant milestone in VinFast’s global expansion,” said Madame Thuy Le, Global CEO of VinFast Auto Ltd. “More than just transaction on the stock market, going public reflects a powerful vote of confidence in our vision and potential,
as well as fulfills our pledge to make smart, safe and environmentally friendly electric vehicles accessible to everyone. “I sincerely appreciate the wonderful collaboration with Black Spade as our respected partners who are joining us in our ‘boundless together’ journey towards a greener future for us and future generations.” The company, now known as VinFast Auto Ltd., began trading under the ticker symbols “VFS” and “VFSWW” on the Nasdaq exchange.
The deal values VinFast at $23 billion, according to CNBC. VinFast, a subsidiary of Vietnam-based Vingroup, was originally founded in 2017. The valuation, which was calculated using rival EV maker Lucid as the benchmark, is the fourth-highest for such special purpose acquisition company (SPAC) deals, according to data in a report from Reuters. Some of VinFast’s rivals, including Nikola Corp and Lucid, have seen their valuations plunge after their SPAC listings. Nikola
now commands a market value of $1.4 billion, versus $13.9 billion before listing, while Lucid has a current market value of $15.5 billion, versus $24 billion during its 2021 SPAC deal, according to Reuters. As a result of the successful business combination, Black Spade became a wholly owned subsidiary of VinFast and is expected to be delisted from the New York Stock Exchange.
Haw River activists flood Pittsboro Nominations open for Commissioners’ Meeting with concerns upcoming state fair’s ‘Farm Family of the Day’ over Chatham Park amendment By A.P. Dillon North State Journal RALEIGH — While the 2023 N.C. State Fair is still a couple of months away, competition applications and event planning are already in motion. The fair officials have opened up nominations to honor 11 farm families to be recognized as the Tractor Supply Company’s “Farm Family of the Day.” This is the third year Tractor Supply Company has sponsored the program to celebrate farm families behind the state’s “$103.2 billion agriculture and agribusiness industry.” “The State Fair’s earliest beginnings sought to elevate the understanding of new agricultural practices and technology. Helping people make the connection between farming and the food that they enjoy is one of our top missions at the N.C. State Fair each year,” Ag-
riculture Commissioner Steve Troxler said in a press release. “Thanks to Tractor Supply Company, we can help tell the story of our farmers because they are the individuals out there every day working to grow the food, fiber and fuel that we need to survive.” Nominations and applications for Farm Family of the Day will be open through Sept. 15. Families will be Applications can be found at ncstatefair.org/2023/ Attractions/FarmFamilyOfTheDay.htm. Families receiving the award will get an N.C. State Fair gift basket containing fair tickets, ride passes and “additional swag” provided by Tractor Supply Company and the N.C. State Fair. This year’s fair runs from Oct. 12-22 at the State Fairgrounds in Raleigh. More information on the upcoming fair, competitions and events can be found at ncstatefair.org.
“The State Fair’s earliest beginnings sought to elevate the understanding of new agricultural practices and technology. Helping people make the connection between farming and the food that they enjoy is one of our top missions at the N.C. State Fair each year.” Agriculture Commissioner Steve Troxler
By Chuck Thompson Chatham News & Record PITTSBORO — On Monday night, the Pittsboro commissioners met for their regularly scheduled town meeting, where they discussed several community matters and concerns. The Splash Pad is set to receive the key component needed to fix the issue at hand and is expected to be up and running within the next couple of weeks. Mayor Pro Tem Pamela Baldwin mentioned to those in attendance that the fair would be in town from Sept. 21 - 24 and encouraged everyone to come out and enjoy the festivities. “You may not to get to ride all the rides, but you’ll have a good time,” she said enthusiastically. Commissioner Kyle Shipp mentioned the VinFast groundbreaking ceremony and looks forward to that major project moving along. The topic of changing the mayor’s term of office from two to four years, which would not take place until the next election in 2025, was brought up for discussion. At the last public meeting on July 24, the board approved an amendment from two years to four years which requires a public hearing and 10-day notice, which will then be considered and voted on at the next public meeting scheduled for Aug. 28, 2023. “It would be more consistent in being able to handle the busi-
CHUCK THOMPSON | CHATHAM NEWS & RECORD
Chuck Smith, representing Chatham Park, speaks at the Pittsboro Commissioners’ meeting Monday night, while Commissioner James Vose, Mayor Pro Tem Pamela Baldwin, and the other commissioners listen intently. ness of the town when someone has a more consistent term, to work more easily with the town manager, and I am in favor of this change,” said Baldwin. Randolph Voller, the former mayor, supported the change of mayor to four years, mentioning that the Sanford mayor’s term is four years. He suggested that more could be accomplished in this time frame. In addition, he recommended that the commissioners should be increased to seven, with the mayor as the tiebreaker. Chatham Park commerce center requested an annexation into town limits. Jay Farrel made a motion to approve the annex-
ation request, which was approved unanimously. However, the public comments forum regarding the small plan amendment by Chatham Park regarding Chatham Park North Village was the main topic of the night. See PITTSBORO, page A6