Geely-backed sports car maker Lotus to list on Nasdaq soon via SPAC merger

2024-02-22 06:05:24

Asia Tech Wire (Feb 22) -- Lotus, the sports car brand backed by Chinese auto conglomerate Geely, is about to list on Nasdaq after completing a SPAC merger deal.

Lotus Technology Inc. announced Tuesday that it expects to complete a business combination with blank check company L Catterton Asia Acquisition Corp (LCAA) on Thursday, retaining the automaker's name.

The merger values Lotus' business at $6.1 billion, according to an investor relations filing.

Lotus said in a statement that it will list on the Nasdaq on Friday under the symbol "LOT".

The China Securities Regulatory Commission (CSRC) disclosed on Sunday that it had approved Lotus on February 8 to list on the U.S. Nasdaq Stock Market through a merger with LCAA, issuing up to 181 million ordinary shares.

Lotus Cars

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