Why VinFast Auto Stock Crashed 12% Today
Shares of VinFast Auto (NASDAQ: VFS) stock collapsed in Wednesday afternoon trading, tumbling 12.4% through 1:55 p.m. ET. It's not a great secret why: VinFast insiders may be dumping the stock.
Easily the world's most famous Vietnamese carmaker after going public in a SPAC IPO last month, VinFast has been pretty volatile since its debut, and today isn't going to change that story much. In a filing with the SEC this morning, VinFast notified of the potential sale of up to 75.8 million shares of its stock by company insiders.
Now, here's the thing: While VinFast has more than 2.3 billion shares of common stock issued and outstanding, according to data from S&P Global Market Intelligence, only about 1.4% of those shares are already "floating" and currently available to trade. That's 32.2 million shares floating. And VinFast wants to potentially unleash 75.8 million new shares on the market.
Source Fool.com
