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Lotus Technology Inc. ("Lotus Tech" or the "Company"), a leading global luxury electric vehicle maker, and L Catterton Asia Acquisition Corp ("LCAA") (NASDAQ:LCAA), a special purpose acquisition company formed by affiliates of L Catterton, a leading global consumer-focused investment firm, today announced the completion of their previously announced business combination ("Business Combination"). The listed company following the Business Combination is "Lotus Technology Inc." and its American depositary shares ("ADSs") are expected to commence trading on the Nasdaq Stock Market LLC ("Nasdaq") under the ticker symbol "LOT" on February 23, 2024.
The announcement of the completion of the Business Combination comes after LCAA shareholders voted to approve the transaction on February 2, 2024. As a result of the Business Combination, LCAA became a wholly owned subsidiary of Lotus Tech and is expected to be delisted from the Nasdaq.
Mr. Qingfeng Feng, Chief Executive Officer of Lotus Tech, said: "Becoming a U.S-listed company marks a significant milestone in Lotus Tech's advancement into a global sustainable luxury mobility provider under the brand's Vision80 strategy. I look forward to further collaboration with LCAA as our respected partners, joining us in contributing to a greener future for all through sustainable innovation. "
Chinta Bhagat, Co-Chief Executive Officer of LCAA, said: "We are very pleased to announce the successful completion of the business combination with Lotus Tech, a pioneer in the electrification of luxury mobility with a world-leading product portfolio of luxury vehicles. We are confident Lotus Tech's listing on the Nasdaq will further its global expansion, and look forward to joining them in the exciting growth journey ahead."
Lotus Tech is expected to ring the Nasdaq opening bell in New York City on February 23, 2024 to commemorate its public listing. A live stream of the event can be viewed at https://www.nasdaq.com/marketsite/bell-ringing-ceremony.
Posted In: LCAA
