Lotus Technology Secures $119M Convertible Note Deal with Geely International

Lotus Technology has entered into a significant financing arrangement through a convertible note issuance with Geely International (Hong Kong).

Rhea-AI Filing Summary

Lotus Technology has entered into a significant financing arrangement through a convertible note issuance with Geely International (Hong Kong). The company issued a senior convertible note worth US$119.26 million through a private placement on June 20, 2025.

Key terms of the convertible note include:

• Maturity date: June 18, 2026
• Interest rate: SOFR + 3.35% per annum, payable at maturity
• Conversion option: Convertible into ordinary shares or ADSs after 30 trading days from issue date
• Conversion price: Based on 10-day VWAP preceding conversion date
• Seniority: Ranks senior to other unsecured and unsubordinated indebtedness

The filing also incorporates this information by reference into two registration statements (Form F-1/F-3), indicating potential future securities offerings or registrations.

Positive

• Secured significant financing of $119.3M through convertible note from strategic investor Geely, strengthening capital position
• Senior ranking of the convertible note indicates strong creditor protection and confidence in Lotus Technology's business
• Flexible conversion terms allowing for potential equity conversion after 30 trading days provides strategic optionality

Negative

• Additional debt burden with relatively short maturity (June 2026) increases financial obligations
• Variable interest rate structure (SOFR + 3.35%) exposes company to interest rate risk
• Potential future dilution for existing shareholders if note is converted to ADSs

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is the size of Geely's convertible note investment in LOT (Lotus Technology) in June 2025?

Geely International (Hong Kong) Limited purchased a convertible note from LOT with a principal amount of US$119,262,924.22 through a private placement on June 20, 2025.

When does LOT's convertible note issued to Geely mature?

The convertible note will mature on June 18, 2026, approximately one year from its issuance date.

What is the interest rate on LOT's 2025 convertible note to Geely?

The convertible note bears an interest rate equal to the secured overnight financing rate (SOFR) plus 3.35% per annum, payable on the maturity date.

How is the conversion price determined for LOT's 2025 Geely convertible note?

The initial conversion price is determined by the volume-weighted average of LOT's ADS last reported sale price over the 10 consecutive trading days immediately preceding the conversion date.

When can Geely convert their LOT convertible note into shares?

Geely can convert the note into ordinary shares or ADSs of LOT starting from the 30th trading day after the issue date, subject to the terms of the Note.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 06/24/2025 - 06:25 AM Learn about SEC filing dates

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 6-K

 

 

 

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of June 2025

 

Commission File Number: 001-41970

 

 

 

Lotus Technology Inc.

(Translation of registrant’s name into English)

 

 

 

No. 800 Century Avenue

Pudong District, Shanghai, People’s Republic of China

(Address of principal executive office)

 

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F x      Form 40-F ¨

 

 

 

 

 

 

INFORMATION CONTAINED IN THIS REPORT ON FORM 6-K

 

Geely Senior Convertible Note

 

On June 20, 2025, Lotus Technology Inc. (the “Company”) entered into a convertible note purchase agreement (the “Purchase Agreement”) with Geely International (Hong Kong) Limited (the “Investor”), pursuant to which the Investor purchased from the Company and the Company issued to the Investor a convertible note (the “Note”) in the aggregate principal amount of US$119,262,924.22 through a private placement on the same day.

 

The Note will mature on June 18, 2026 and bears an interest rate per annum equal to the secured overnight financing rate (SOFR) on the issue date plus 3.35%, payable on the maturity date. Subject to the terms of the Note, the Note may be convertible into ordinary shares or American depositary shares (“ADSs”) of the Company at the option of the Investor starting from the 30th trading days after the applicable issue date. The initial conversion price equals to the volume-weighted average of the last reported sale price of the Company’s ADSs over the 10 consecutive trading days immediately preceding the applicable conversion date. Unless otherwise agreed upon by the Investor, the Note ranks senior to all other present and future unsecured and unsubordinated indebtedness of the Company and its subsidiaries, subject to the requirements of applicable laws.

 

Copies of the Purchase Agreement and the Note are included in this current report on Form 6-K as Exhibit 10.1 and 10.2 and the foregoing description of the Purchase Agreement and the Note is qualified in its entirety by reference thereto.

 

Incorporation by Reference

 

This current report on Form 6-K, including all exhibits hereto, is incorporated by reference into the post-effective amendment No. 3 to the registration statement on Form F-1 on Form F-3 (File No. 333-279108) and the post-effective amendment No. 2 to the registration statement on Form F-1 on Form F-3 (File No. 333-282217) and shall be a part of such registration statements from the date on which this current report is furnished, to the extent not superseded by documents or reports subsequently filed or furnished.

 

 

 

 

EXHIBIT INDEX

 

Exhibit No.	 	Description
10.1	 	Convertible Note Purchase Agreement, dated June 20, 2025, by and between Lotus Technology Inc and Geely International (Hong Kong) Limited
10.2	 	Senior Convertible Note dated June 20, 2025

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 	Lotus Technology Inc.
 	 	 	 
 	By	:	/s/ Daxue Wang
 	Name	:	Daxue Wang
 	Title	:	Chief Financial Officer

 

Date: June 24, 2025