Lotus Tech, a Singapore-based luxury electric vehicle maker, is going public via a merger with special purpose acquisition corporation L Catterton Asia Acquisition Corp. LCAA in a deal valued at about $5.4 billion. Once the deal closes, the company will list on Nasdaq under the ticker “LOT” and will receiver proceeds of about $288 million from the SPAC. All of Lotus Tech’s existing equity holders, Geely Holding, Etika, NIO Capital, etc. are expected to retain their interests in Lotus Tech and own about 89.7% of the company once the deal closes. The Lotus Tech management team lead by Chief Executive Qingfeng Feng are expected to remain in place. The company’ first fully electric hyper SUV, called Eletre, is expected to start delivery in China in the first quarter, followed by the U.K. and EU later this year. The Louts brand was first founded in the U.K. in 1948. The electric car division was developed by facilities in Covernty in the U.K. and Frankfurt in Germany, along with Wuhan, Shanghai and Ningbo in China. The deal is expected to close in the second half.
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