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Lotus Tech, a luxury electric vehicle manufacturer, is set to go public through a merger with L Catterton Asia Acquisition Corp (LCAA), valuing the combined entity at approximately US$5.4 billion. The merger will utilize up to US$288 million from LCAA's trust account. Existing equity holders of Lotus Tech are expected to retain roughly 89.7% ownership post-merger. The company will maintain its name and list on Nasdaq under the ticker LOT. Lotus Tech aims to leverage its partnership with Geely Holding for global expansion and product innovation, focusing on delivering its first fully electric hyper SUV, Eletre, in China and beyond.
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