Lotus Technology, rebranded as a luxury electric-only car maker, and L Catterton Asia Acquisition Corp (LCAA), a global consumer-focused investment firm, announced that their previously proposed business combination is expected to be completed on February 22, 2024.
The combined company will retain Lotus Tech’s name as “Lotus Technology Inc.” and its American Depositary Shares (ADS) will commence trading on the Nasdaq under the ticker symbol “LOT” on February 23, 2024. The business combination was approved by LCAA shareholders at an extraordinary general meeting held on February 2, 2024.
Integrating Lotus’s sports car DNA with a new generation of premium lifestyle vehicles, Lotus Tech is committed to transforming the brand into an advanced, fully electric, intelligent, and sustainable luxury mobility provider before its 80th anniversary in 2028. The Company has already set this ambitious plan in motion by launching a leading product portfolio of high-performing battery electric vehicles (“BEVs”) ahead of other global luxury automakers.
These BEVs include Eletre, a new breed of all-electric hyper-SUV powered by Lotus’s proprietary 800-volt EPA, and Emeya, an all-electric hyper-GT among the most advanced vehicles of its kind in the world. With both BEVs already on the roads and two more fully electric models planned for launch over the next two years, Lotus Tech is on track to become the first traditional luxury automotive brand to achieve a 100% electric product portfolio by 2027.
Since the transaction was announced, the Company has raised more than US$880 million in pre-closing and private investment in public equity (“PIPE”) financing commitments from global investors, existing shareholders, and strategic partners, representing one of the largest amounts of additional financings raised in connection with a de-SPAC transaction since 2023.
“We are thrilled to announce our upcoming debut on the Nasdaq as we complete our business combination with LCAA,” said Mr. Qingfeng Feng, Chief Executive Officer of Lotus Tech. “This is a pivotal moment in our journey. We look forward to accelerating our growth as a listed company, leading the electric transformation of the global luxury BEV market together with L Catterton.”
“Our partnership with Lotus Tech has gotten stronger over time and our respect for the mission it is on has only increased,” said Chinta Bhagat, Co-Chief Executive Officer of LCAA. “We are excited about the road ahead as we continue building the definitive luxury electric vehicle brand together, leveraging our global consumer insights and our strategic relationship with LVMH. Lotus Tech’s upcoming debut on the Nasdaq will be a key milestone in its journey and we believe that the Company will have many more achievements to celebrate over the coming years.”
