Lotus Technology is closing on an approved merger with Special Purpose Acquisition Company (SPAC) L Catterton Asia Acquisition Corp, setting the stage for a debut on the Nasdaq this week under the stock ticker symbol “LOT.”
It’s just over a year since we first caught wind of Lotus’ plans to go public on the US stock market via a SPAC merger – a once popular method that has since cooled down. SPAC mergers enable a publicly traded company to be created to merge with an existing company.
In the case of Lotus Technology, its SPAC is L Catterton Asia Acquisition Corp ($LCAA) – a blank check company explicitly incorporated for the merger to enable high-growth consumer tech across Asia. Lotus is currently owned by Zhejiang Geely Holding Group in China, where its electric hypercars are also built.
During the January 2023 announcement, we learned Lotus expected to continue operations under its “Lotus Technology” moniker, with the intention to eventually trade on the Nasdaq exchange under the stock ticker “LOT.”
This week, Lotus shared a progress update on the SPAC merger, which appears imminently complete, setting the stage for a public listing as early as this Friday.
Lotus Tech to join Nasdaq stock market February 23
According to Lotus Technology, its previously proposed merger with L Catterton Asia Acquisition Corp is expected to be completed on February 22, 2024.
Following the SPAC merger, the combined entity will keep the Lotus Technology namesake as planned, and its American Depositary Shares (ADS) will begin trading on the Nasdaq on February 23. Lotus CEO Qingfeng Feng spoke about the imminent stock listing:
We are thrilled to announce our upcoming debut on the Nasdaq as we complete our business combination with LCAA. 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.
In anticipation of the approved SPAC merger, Lotus has raised over $880 million in pre-closing and private investment in public equity (PIPE) commitments. The automaker celebrated its 75th anniversary in 2023 and continues its work in delivering a 100% electric lineup of luxury vehicles by 2027.
Lotus Tech will ring the Nasdaq’s opening bell in New York City on February 23 to commemorate its public stock listing. You can view the event here.