{"id":133337,"date":"2024-02-26T13:00:31","date_gmt":"2024-02-26T12:00:31","guid":{"rendered":"https:\/\/luxus-plus.com\/lotus-technology-completes-a-satisfactory-ipo\/"},"modified":"2024-02-26T13:00:41","modified_gmt":"2024-02-26T12:00:41","slug":"lotus-technology-completes-a-satisfactory-ipo","status":"publish","type":"post","link":"https:\/\/luxus-plus.com\/en\/lotus-technology-completes-a-satisfactory-ipo\/","title":{"rendered":"Lotus Technology completes a satisfactory IPO "},"content":{"rendered":"

Lotus Technology, an emerging player in the luxury electric vehicle sector, recently made a splash on the Nasdaq stock market.<\/h4>\n

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Lotus Technology<\/strong> has just successfully completed its IPO.<\/p>\n

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On February 22, 2024<\/strong>, 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<\/strong>, an acquisition company affiliated to L Catterton<\/strong> (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<\/strong>.<\/p>\n

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Lotus Technology was valued at around $7 billion<\/strong> as part of its agreement with L Catterton Asia Acquisition Corp (LCAA).<\/p>\n

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“We are delighted to announce our listing on the Nasdaq as we complete our business combination with LCAA,”<\/em> said Qingfeng Feng<\/strong>, 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.”<\/em><\/p>\n

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Since announcing the transaction, the company has successfully raised over $880 million<\/strong>, one of the largest financings raised since 2023.<\/a><\/p>\n

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First session performance<\/h2>\n

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Lotus Technology is part of the Lotus Group<\/strong>. Founded in 1948<\/strong>, this British sports car manufacturer became a jointly owned entity in 2017 by Chinese carmaker Geely<\/strong> and Malaysia’s Etika Automotive<\/strong>. Based in Wuhan, China, the manufacturer specializes in the design, development and marketing of high-end electric vehicles.<\/p>\n

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Lotus Technology shares, which trade under the symbol “LOT”, rose by 2.15%<\/strong> 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<\/strong>. This success was made possible by a significant recovery from a slight initial decline.<\/p>\n

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Partnership with LVMH<\/h2>\n

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