News and research before you hear about it on CNBC and others. Request your one-week free trial of StreetInsider Premium here.
Lotus Technology announced Tuesday that the luxury electric vehicle startup will go public in the United States through a merger with special purpose vehicle L Catterton Asia Acquisition Corp (NASDAQ: LCAA).
Lotus Tech is a maker of luxury electric vehicles under the Group Lotus sports car brand, which is in turn jointly owned by Chinese automaker Geely and Malaysian Etika Automotive.
Lotus Tech’s existing shareholders, including Geely, Etika and NIO Capital, an investment firm founded by the CEO of Chinese electric vehicle maker Nio Inc. Shareholders will retain their interest in the company and will own 89.7% of it after the transaction. The current leadership will also remain in place and the company’s shares will be listed on the Nasdaq under the ticker symbol ‘LOT’.
“We expect the partnership to provide significant support for Lotus Tech’s global expansion, with promising potential for brand collaborations and strategic partnerships worldwide,” said Feng Qingfeng, Chief Executive Officer of Lotus Tech.
Deutsche Bank and Credit Suisse were among the advisers to the deal.
Shares of LCAA are up 0.79% in premarket trading on Tuesday.
By Michael Elkins | [email protected]
Comments are closed.