Electric car Lotus announces listing on Nasdaq on February 23

Luxury electric car maker Lotus announced that its business combination with special purpose acquisition company L Catterton Asia Acquisition Corp is expected to be completed on February 22, 2024. The company will retain the Lotus Tech name as "Lotus Technology Inc." and its American Depositary Shares (ADS) will begin trading on Nasdaq on February 23, 2024, under the ticker symbol "LOT".

Lotus was born in 1948. It is traditionally regarded as one of the world's three major sports car and racing brands, along with Germany's Porsche and Italy's Ferrari. It was once translated as "Lotus Sports Car" and is headquartered in Norfolk, England. Norfolk, York, was acquired by Geely Holding Group in 2017.

In January 2023, Lotus and special purpose acquisition company LCAA announced that the two parties had reached a final merger agreement and the merger was expected to be completed in the second half of that year. The merger agreement stipulates that after the transaction is completed, the merged company will be renamed Lotus Technology and will be headquartered in Wuhan; at the same time, Lotus Technology will be listed on Nasdaq with the stock code "LOT", and the board of directors will include a person appointed by the LCAA director.

But Lotus Technology did not go on the market by the end of 2023 as scheduled. At that time, Lotus Chief Commercial Officer Mike Johnstone responded that there was no specific reason for the postponement of the listing, "We feel that the situation is very good. ".

In early February 2024, LCAA and Lotus Technology voted on the proposed merger of SPAC. At the extraordinary shareholders' meeting, more than 71% of shareholders attended, and shareholders voted on a series of proposals.

Recently, the China Securities Regulatory Commission issued a filing notice for the overseas issuance and listing of Lotus Technology Inc. (Lotus Technology Company). The filing notice shows that Lotus Technology will acquire L Catterton through an overseas special purpose merger and acquisition company. Asia Acquisition Corp (hereinafter referred to as "LCA") merged to achieve listing on the Nasdaq Stock Exchange in the United States, with the issuance of no more than 181 million ordinary shares.

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