On February 17, 2024, the China Securities Regulatory Commission (CSRC) issued a filing notice on the overseas issuance and listing of Lotus Technology Inc.. Lotus Technology will go public on the Nasdaq Stock Exchange in the United States by merging with L Catterton Asia Acquisition Corp., a special purpose acquisition company (SPAC), and will issue no more than 181 million ordinary shares.
It is worth noting that this will be the largest SPAC merger since August 2023. As early as 2022, there were rumors that Lotus was planning to go public. Mike Johnstone, Lotus’ vice president and chief commercial officer, said that Lotus originally planned to go public in late 2023, but the plan was later delayed and no specific reason was given.
Lotus Technology is a British sports car maker acquired by Li Shufu in 2017. Before Lotus went public, it had three major shareholders: Geely, which held a 51% stake, the remaining shares were mainly held by Malaysian automotive group and NIO Capital, which participated in Lotus’ Pre-A round of financing in 2021. With the support of these three capitals, Lotus Technology is valued at approximately $5.4 billion.
According to Lotus’ previous plan, Lotus will launch a new mid-size SUV model this year. The model will be benchmarked against the Porsche Macan EV and will be launched in 2026. According to Lotus’ plan, Lotus will continue to release 3 more pure electric models in the next 4 years.
