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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 just lately traded close to $9.30, down from a peak above $80 hit in late August after heavy withdrawals by traders within the firm’s SPAC deal left only a few shares obtainable for buying and selling. That meant a tiny quantity of shopping for pushed up the inventory, giving the phantasm that Wall Avenue had excessive hopes for the corporate.
The latest slide got here after the corporate stated in a Monday submitting that insiders will promote a few of their shares transferring ahead, growing the provision 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 large swings in shares of firms like VinFast which have few shares obtainable to commerce.
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