HANOI, Oct 20 Reuters Vietnamese electric vehicle EV maker VinFast said on Friday it has entered into a share subscription of up to 1 billion with U.S.based fund Yorkville Advisors as it seeks to fund expansion in overseas markets.

VinFast has the option, but not the obligation, to require Yorkville to subscribe for up to 1.0 billion worth of ordinary shares in VinFast at any time during the term of the agreement, VinFast said in a filing to the U.S. securities authority.

VinFast, which was founded and almost entirely owned by Pham Nhat Vuong, Vietnam39;s richest man, made a stellar Nasdaq debut in midAugust following a merger with a blankcheck company.

The carmaker garnered a valuation of about 85 billion higher than that of legacy U.S. peer Ford F.N  on the listing day but lost over 84 since as of Wednesday39;s close. Its shares traded at 5.69 each.

This new source of equity funding provides us with valuable optionality and access to capital to continue to expand our business on a global scale, said VinFast chief finance executive David Mansfield said in a statement.

While we are under no obligation to draw on the full amount, the transaction aligns with our goals of opportunistic capital raising while adding liquidity to our shares over time.

VinFast so far has sold around 22,000 cars, aiming to meet this year39;s sale target of 40,000 to 50,000 units.

More than half of its sale went to a Vietnambased fleet operator, controlled by Vuong.

Mark Angelo, Founder…