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Shares of once-hot Vietnamese electric-vehicle maker VinFast are down about 5% Tuesday, a day after they tumbled 22% and dropped beneath their itemizing worth.
VinFast not too long ago traded close to $9.30, down from a peak above $80 hit in late August after heavy withdrawals by buyers within the firm’s SPAC deal left only a few shares accessible for buying and selling. That meant a tiny quantity of shopping for pushed up the inventory, giving the phantasm that Wall Road had excessive hopes for the corporate.
The current slide got here after the corporate mentioned in a Monday submitting that insiders will promote a few of their shares transferring ahead, growing the availability of inventory in what has been a supply-constrained market. Such gross sales are a traditional a part of SPAC offers however can result in huge swings in shares of corporations like VinFast which have few shares accessible to commerce.
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