Lotus Technology, an emerging player in the luxury electric vehicle sector, recently made a splash on the Nasdaq stock market.
Lotus Technology has just successfully completed its IPO.
On February 22, 2024, the global manufacturer of luxury electric vehicles completed a merger with a special purpose acquisition company (SPAC). This operation was organized with L Catterton Asia Acquisition Corp, an acquisition company affiliated to L Catterton (LCAA). The new entity resulting from this merger retains the name Lotus Technology Inc. and its American Depositary Shares (ADSs) began trading on the Nasdaq on February 23, 2024.
Lotus Technology was valued at around $7 billion as part of its agreement with L Catterton Asia Acquisition Corp (LCAA).
“We are delighted to announce our listing on the Nasdaq as we complete our business combination with LCAA,” said Qingfeng Feng, President and CEO of Lotus Tech. “This is a pivotal moment in our journey. We look forward to accelerating our growth as a publicly traded company and leading the electric transformation of the global luxury electric vehicle market with L Catterton.”
Since announcing the transaction, the company has successfully raised over $880 million, one of the largest financings raised since 2023.
First session performance
Lotus Technology is part of the Lotus Group. Founded in 1948, this British sports car manufacturer became a jointly owned entity in 2017 by Chinese carmaker Geely and Malaysia’s Etika Automotive. Based in Wuhan, China, the manufacturer specializes in the design, development and marketing of high-end electric vehicles.
Lotus Technology shares, which trade under the symbol “LOT”, rose by 2.15% to $13.80 at the end of trading on Friday February 23 on the US stock market, giving it a market capitalization of $9.3 billion. This success was made possible by a significant recovery from a slight initial decline.
Partnership with LVMH
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Featured photo : © Electrek
