Lotus Technology's business combination with a SPAC is expected to close on February 22 and will trade under the ticker symbol "LOT".
(Image credit: CnEVPost)
Lotus Technology, the luxury electric vehicle company owned by sports car brand Lotus, will see its American Depositary Shares (ADSs) begin trading on Friday, as it nears the completion of its merger with a Special Purpose Acquisition Company (SPAC).
The business combination between Lotus Technology and L Catterton Asia Acquisition Corp (LCAA) is expected to close on February 22, with the combined company retaining the Lotus Tech name "Lotus Technology Inc", according to a statement yesterday.
Lotus Technology's ADSs will begin trading on the Nasdaq on February 23 under the symbol "LOT".
Lotus Technology is part of British sports car maker Lotus Group, which is jointly owned by Chinese automaker Geely Holding and Malaysia's Etika Automotive.
Geely acquired Lotus, which is about 70 years old, in 2017 and owns 51 percent of the latter, including Lotus Cars and Lotus Engineering. Etika owns the rest of Lotus.
At the end of August 2021, Lotus established a new company in China, Wuhan Lotus Technology, with an investment from Nio Capital.
Lotus Technology announced on January 31, 2023 that it had entered into a definitive merger agreement with LCAA, with Lotus Technology and LCAA expected to be valued at $5.5 billion on a pre-money equity value basis.
Since the transaction was announced, Lotus Technology has raised over $880 million in pre-closing and private investment in public equity financing commitments from global investors, existing shareholders, and strategic partners, according to yesterday's statement.
Lotus Technology plans to launch two all-electric models over the next two years and is on track to become the first traditional luxury car brand to achieve a 100 percent electric portfolio by 2027, it said. The company has already launched the Eletre and Emeya, two luxury electric vehicles.
Lotus Technology had revenues of $3.69 million in 2021 and $9.56 million in 2022. It had revenue of $130 million in the first half of 2023, up from $2.42 million in the same period in 2022, according to its filing.
It had a net loss of $110 million in 2021 and a net loss of $720 million in 2022. In the first half of 2023, it reported a net loss of $350 million, compared with a net loss of $200 million in the same period a year earlier.
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