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Lotus Technology Inc., a premier global producer of luxury electric vehicles, and L Catterton Asia Acquisition Corp (LCAA) have announced the successful closure of their business combination, set to finalize on February 22, 2024. The newly merged entity will continue under the Lotus Tech banner and is scheduled to list its American Depositary Shares on the Nasdaq under the ticker “LOT” starting February 23, 2024. This development follows the affirmative vote by LCAA shareholders on February 2, 2024.
Aiming to revolutionize luxury mobility, Lotus Tech integrates its sports car heritage with cutting-edge electric, intelligent, and sustainable technologies. With ambitious plans to transition to a fully electric lineup by 2028, the company has already introduced advanced battery electric vehicles (BEVs) such as the Eletre and Emeya, positioning itself ahead of competitors in the luxury automotive sector. Lotus Tech’s strategic plan includes launching two additional electric models within the next two years, reinforcing its path to becoming the first traditional luxury automotive brand with a 100% electric portfolio by 2027.
See also: Lotus Unveils Innovative EV Charging Solutions
In anticipation of this combination, Lotus Tech has attracted over US$880 million in financing, marking a significant milestone in pre-closing and private investment in public equity (PIPE) since 2023. Mr. Qingfeng Feng, CEO of Lotus Tech, expressed enthusiasm about the company’s Nasdaq debut, highlighting the opportunity to accelerate growth and lead in the luxury BEV market. Chinta Bhagat, Co-CEO of LCAA, also shared excitement about the future collaboration, emphasizing the strategic relationship with LVMH to build a premier luxury electric vehicle brand.
To commemorate its public listing, Lotus Tech will ring the Nasdaq opening bell on February 23, 2024, an event that will be live-streamed.
Advisory Roles: Deutsche Bank, Skadden, Arps, Slate, Meagher & Flom, and Han Kun Law Offices supported Lotus Tech, while Santander US Capital Markets LLC, Kirkland & Ellis, and Fangda Partners advised LCAA. Shearman & Sterling LLP provided counsel to the financial advisors.
About the Companies: Lotus Technology Inc. operates globally, focusing on luxury electric vehicles and next-generation automobility technologies. L Catterton Asia Acquisition Corp, a special purpose acquisition company, targets high-growth sectors across Asia. L Catterton, the driving force behind LCAA, is a leading consumer-focused investment firm with a vast portfolio of consumer brands.
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