The Chinese company developing multiple Lotus EVs will soon start trading on the Nasdaq.
Lotus Technology, a division of Lotus responsible for EV development, is about to go public via a SPAC deal.
Also referred to as a reverse merger, a SPAC deal is where a private company goes public by being taken over by a company that's already listed, typically one set up solely for this purpose, known in investor circles as a special purpose acquisition company . The advantage is that it avoids the complexity of launching an IPO.
In an announcement on Tuesday, Lotus Technology said it plans a reverse merger with the Nasdaq-listed SPAC company L Catterton Asia Acquisition Corp in a deal that will value the combined entity at $5.4 billion. Shares of the combined entity would also be listed on the Nasdaq, under the ticker symbol “LOT.”
Lotus Technology said it plans to use the money it raises from the deal to fund vehicle development and expand its global distribution network. Timing for the deal wasn't mentioned.
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