Lotus' EV division based in China is about to go public.
Lotus Technology, a division of Lotus responsible for development of electric vehicles, 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 the more traditional initial public offering which has more regulatory oversight.
In an announcement on Tuesday, Lotus Technology said it has entered into a reverse merger with the NASDAQ-listed SPAC company L Catterton Asia Acquisition Corp. The deal is expected to be completed on Thursday, after which the combined company, to be known as Lotus Technology Inc., will start trading on the Nasdaq under the ticker symbol “LOT.”Lotus Technology is headed by Feng Qingfeng, who will remain CEO of the merged company after the deal closes.
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