SingAuto Hits the Fast Lane to Nasdaq with $1.2 Billion SPAC Merger

NEW YORK, NY – May 01, 2026 – In a landmark move for the green logistics sector, Singapore-based innovator SingAuto Inc. announced today it will go public on the Nasdaq through a definitive business combination agreement with Blueport Acquisition Ltd. (Nasdaq: BPAC). The deal, which values the smart electric vehicle maker at a formidable $1.2 billion, is poised to inject significant capital into SingAuto's mission to revolutionize the global cold-chain with its advanced commercial electric vehicles (CEVs).

The merger with the special purpose acquisition company, or SPAC, will result in a new holding company trading on the Nasdaq, providing SingAuto with a public platform to accelerate its ambitious growth plans. The transaction is expected to close by the end of 2026, pending regulatory and shareholder approvals.

A New Breed of Electric Vehicle Takes the Stage

SingAuto is not just another player in the crowded electric vehicle market. The company has carved out a critical niche by focusing exclusively on green cold-chain logistics—a sector grappling with high emissions and growing demand for efficiency. Its flagship product, the S1 new energy refrigerated commercial vehicle, is a ground-up design, not a retrofit of an existing chassis.

This purpose-built approach allows for seamless integration of its core technologies. The S1 boasts multi-temperature zone controls, enabling the simultaneous transport of frozen goods, chilled produce, and sensitive pharmaceuticals in a single trip. This innovation promises to dramatically increase delivery efficiency and reduce the number of vehicles on the road.

Powering the S1 is a 126 kWh lithium iron phosphate (LFP) battery pack, providing a range of up to 300 kilometers. While range is a common concern for electric trucks, especially those with power-hungry refrigeration units, SingAuto addresses this with a dual-pronged solution: 40-minute fast charging and a pioneering five-minute battery swap capability. The vehicle's roof is also integrated with solar photovoltaic panels to supplement power and extend battery life.

Inside, the S1 features an intelligent cockpit designed as a "mobile office," integrating entertainment and operational controls through voice commands to minimize driver distraction. Furthermore, SingAuto is building its vehicles with the future of automation in mind. The S1 supports Level 2 assisted driving and is architected for future upgrades to Level 3 and Level 4 autonomous capabilities.

"We focus on not only the technology revolution of the cold-chain logistic industry, but also the seamless integration of artificial intelligence into our products," said Mr. Yuqiang Liu, the Chairman and Chief Executive Officer of SingAuto. "The business combination will strengthen our market presence and allow us to accelerate our business plan and growth."

The $1.2 Billion SPAC Bet

The transaction represents a significant wager by Blueport Acquisition Ltd. on the future of sustainable logistics. As a SPAC, Blueport was formed with the express purpose of finding and merging with a promising private company to take it public. Its search culminated in SingAuto, a company its leadership found uniquely positioned for growth.

"Our team has been actively and diligently searching for a target to add value to our shareholders, and we are fortunate enough to find this opportunity to partner with the team at SingAuto," said Mr. William S. Rosenstadt, Chief Executive Officer of Blueport. "We believe SingAuto is a uniquely compelling company with green cold-chain logistics technology solutions for smart commercial electric vehicles that will benefit from being a public company."

Under the terms of the agreement, SingAuto's existing shareholders will receive approximately 120 million shares in the new public entity, valued at $10.00 per share. While Blueport itself has a speculative financial profile typical of SPACs, SingAuto enters the deal with considerable momentum. The company has already secured over $95 million in private funding from investors including GSR Vision Capital and Bank of China Asset Management (Singapore), signaling strong pre-existing confidence in its technology and business model.

Tapping a Red-Hot Market for Green Logistics

The timing for SingAuto's public debut could not be better. The global cold chain logistics market is projected to swell past $239 billion by 2028, driven by rising consumer demand for fresh food and the complex shipping requirements of pharmaceuticals. Simultaneously, intense regulatory pressure to reduce carbon emissions is forcing a shift away from the industry's traditional reliance on diesel-powered trucks.

SingAuto's electric solutions directly address these converging trends. The company claims its new-energy vehicles offer substantially lower annual energy costs and are virtually maintenance-free compared to diesel counterparts. More importantly, it estimates that a single one of its CEVs can offset the carbon emissions of 50 gasoline-powered cars.

SingAuto's strategy is explicitly global. Headquartered in Singapore, it has already established a strong foothold in the Middle East, a region where the climate creates year-round demand for refrigerated transport. The company is already committed to building a 100,000-square-meter smart logistics and manufacturing facility in Abu Dhabi's Khalifa Economic Zones (KEZAD), utilizing a model of importing semi knocked-down (SKD) parts for local assembly.

Navigating the Road to Nasdaq

Leading the newly combined public company will be SingAuto's founder and CEO, Mr. Yuqiang Liu, a self-described "serial entrepreneur" whose vision has guided the company from its inception. His continued leadership is expected to provide stability and a clear strategic direction as the company navigates its new life on the public market.

However, the road to the opening bell is not yet complete. The merger must first clear several critical hurdles, including a thorough review by the U.S. Securities and Exchange Commission (SEC) and final approval for listing from Nasdaq. Both Blueport and SingAuto must also secure the approval of their respective shareholders.

If all conditions are met and the deal closes as expected by the end of 2026, the transaction will do more than just mint a new public company. It will provide investors with a focused opportunity to invest in the convergence of three powerful trends: electric mobility, artificial intelligence, and sustainable supply chain management. For SingAuto, the Nasdaq listing represents the fuel needed to scale its operations globally and cement its position as a leader in the next generation of intelligent logistics.