VinFast’s 400% Surge Is an Anomaly for Beaten Down SPAC Industry

VinFast Auto Ltd.’s 400% surge after going public in a SPAC merger earlier this month is the lone bright spot for blank-check deals completed in August.

Beyond the Vietnamese electric-vehicle maker, investors who have held on to shares of newly public companies from tie ups with special purpose acquisition companies have mostly endured nothing but losses.

All told, 11 firms have closed mergers with SPACs this month, the most active stretch since February, SPAC Research data analyzed by Bloomberg show. Nine of those stocks are trading below the $10 mark at which SPACs go public, with a median slide ...