ATW-affiliated investors filed a Schedule 13G on Lotus Technology Inc. (LOT), reporting beneficial ownership of 75,327,923 ordinary shares in ADS form, representing 9.9% of the class.
The filing lists JAK Opportunities XXV LLC, ATW Master Fund V LP, ATW Partners Opportunities Management, LLC, Kerry Propper, and Antonio Ruiz-Gimenez as reporting persons with shared voting and dispositive power over the reported shares and no sole power. The position reflects shares that the holding entity can acquire through convertible debt and is subject to a 9.99% beneficial ownership blocker.
The percentage calculation is based on a statement that 678,705,338 shares were outstanding, as referenced in a company 6-K. The certification states the securities were not acquired for the purpose of changing or influencing control.
Positive
None.
Negative
None.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Lotus Technology Inc.
(Name of Issuer)
Ordinary Shares, par value US$0.00001 per share, in the form of American depositary shares
(Title of Class of Securities)
54572F101
(CUSIP Number)
08/19/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
54572F101
1
Names of Reporting Persons
JAK Opportunities XXV LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
75,327,923.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
75,327,923.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
75,327,923.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.9 %
12
Type of Reporting Person (See Instructions)
OO
Comment for Type of Reporting Person: Please see note in Item 4(a).
SCHEDULE 13G
CUSIP No.
54572F101
1
Names of Reporting Persons
ATW Master Fund V LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
75,327,923.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
75,327,923.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
75,327,923.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.9 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: Please see note in Item 4(a).
SCHEDULE 13G
CUSIP No.
54572F101
1
Names of Reporting Persons
ATW Partners Opportunities Management, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
75,327,923.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
75,327,923.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
75,327,923.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.9 %
12
Type of Reporting Person (See Instructions)
IA, OO
Comment for Type of Reporting Person: Please see note in Item 4(a).
SCHEDULE 13G
CUSIP No.
54572F101
1
Names of Reporting Persons
Kerry Propper
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
75,327,923.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
75,327,923.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
75,327,923.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.9 %
12
Type of Reporting Person (See Instructions)
HC, IN
Comment for Type of Reporting Person: Please see note in Item 4(a).
SCHEDULE 13G
CUSIP No.
54572F101
1
Names of Reporting Persons
Antonio Ruiz-Gimenez
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
SPAIN
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
75,327,923.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
75,327,923.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
75,327,923.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.9 %
12
Type of Reporting Person (See Instructions)
HC, IN
Comment for Type of Reporting Person: Please see note in Item 4(a).
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Lotus Technology Inc.
(b)
Address of issuer's principal executive offices:
No. 800 Century Avenue, Pudong District
Shanghai, F4 200120
Item 2.
(a)
Name of person filing:
JAK Opportunities XXV LLC*
ATW Master Fund V LP*
ATW Partners Opportunities Management, LLC*
Kerry Propper*
Antonio Ruiz-Gimenez*
(b)
Address or principal business office or, if none, residence:
1 Pennsylvania Plaza, Suite 4810
New York, New York 10119
(c)
Citizenship:
JAK Opportunities XXV LLC - Delaware
ATW Master Fund V LP - Delaware
ATW Partners Opportunities Management, LLC - Delaware
Kerry Propper - United States
Antonio Ruiz-Gimenez - Spain
(d)
Title of class of securities:
Ordinary Shares, par value US$0.00001 per share, in the form of American depositary shares
(e)
CUSIP No.:
54572F101
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
JAK Opportunities XXV LLC - 75,327,923*
ATW Master Fund V LP - 75,327,923*
ATW Partners Opportunities Management, LLC - 75,327,923*
Kerry Propper - 75,327,923*
Antonio Ruiz-Gimenez - 75,327,923*
*The Ordinary Shares, par value US$0.00001 per share, in the form of American depositary shares (the "Shares") of Lotus Technology Inc. (the "Issuer") reported herein represents the approximate amount of Shares that JAK Opportunities XXV LLC (the "Holding Company") can acquire through the exercise of convertible debt. The Holding Company is wholly owned by the private fund, ATW Master Fund V LP (the "Fund"). ATW Partners Opportunities Management, LLC (the "Adviser") serves as the investment manager to the Fund. Antonio Ruiz-Gimenez and Kerry Propper are the control persons of the Adviser (the "Control Persons", and collectively with the Holding Company, Fund, and Adviser, the "Reporting Persons"). By virtue of these relationships, the Reporting Persons may be deemed to have shared voting and dispositive power with respect to the Shares owned directly by the Holding Company.
As of the date which required this filing, the Holding Company held convertible debt which is subject to a blocker which prevents the Holding Company from converting into Shares to the extent that, upon such conversion, the Holding Company, together with its affiliates, would beneficially own in excess of 9.99% of the Shares outstanding as a result of such conversion (the "Blocker").
As such, the percent of class reported herein is giving effect to the Blocker and is based upon a statement in the Issuer's 6-K filed on August 19, 2025 that there were 678,705,338 Shares outstanding plus the approximate total number of Shares that the Reporting Persons have acquired and/or can acquire upon the conversion of convertible debt subject to the Blocker in accordance with Rule 13d-3(d)(1)(i) under the Act.
This report shall not be deemed an admission that the Reporting Persons are beneficial owners of the Shares for purposes of Section 13 of the Securities Exchange Act of 1934, as amended, or for any other purpose. Each of the Reporting Persons disclaims beneficial ownership of the Shares reported herein except to the extent of the Reporting Persons pecuniary interest, if any, therein.
(b)
Percent of class:
JAK Opportunities XXV LLC - 9.9%
ATW Master Fund V LP - 9.9%
ATW Partners Opportunities Management, LLC - 9.9%
Kerry Propper - 9.9%
Antonio Ruiz-Gimenez - 9.9%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
JAK Opportunities XXV LLC - 0
ATW Master Fund V LP - 0
ATW Partners Opportunities Management, LLC - 0
Kerry Propper - 0
Antonio Ruiz-Gimenez - 0
(ii) Shared power to vote or to direct the vote:
JAK Opportunities XXV LLC - 75,327,923*
ATW Master Fund V LP - 75,327,923*
ATW Partners Opportunities Management, LLC - 75,327,923*
Kerry Propper - 75,327,923*
Antonio Ruiz-Gimenez - 75,327,923*
(iii) Sole power to dispose or to direct the disposition of:
JAK Opportunities XXV LLC - 0
ATW Master Fund V LP - 0
ATW Partners Opportunities Management, LLC - 0
Kerry Propper - 0
Antonio Ruiz-Gimenez - 0
(iv) Shared power to dispose or to direct the disposition of:
JAK Opportunities XXV LLC - 75,327,923*
ATW Master Fund V LP - 75,327,923*
ATW Partners Opportunities Management, LLC - 75,327,923*
Kerry Propper - 75,327,923*
Antonio Ruiz-Gimenez - 75,327,923*
Item 5.
Ownership of 5 Percent or Less of a Class.
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
JAK Opportunities XXV LLC
Signature:
/s/ Kerry Propper
Name/Title:
Kerry Propper, a Managing Member of its Manager
Date:
10/03/2025
ATW Master Fund V LP
Signature:
/s/ Kerry Propper
Name/Title:
Kerry Propper, a Managing Member of the General Partner
What stake in Lotus Technology (LOT) is reported in this Schedule 13G?
The filing reports beneficial ownership of 75,327,923 Lotus Technology ordinary shares in ADS form, equal to 9.9% of the class.
Who are the reporting persons in the Lotus Technology (LOT) 13G?
The reporting persons are JAK Opportunities XXV LLC, ATW Master Fund V LP, ATW Partners Opportunities Management, LLC, Kerry Propper, and Antonio Ruiz-Gimenez.
How is the reported Lotus Technology (LOT) position held?
It represents shares that can be acquired via convertible debt held by JAK Opportunities XXV LLC, subject to a 9.99% beneficial ownership blocker.
Do the reporting persons have voting or dispositive power over the Lotus Technology (LOT) shares?
They report shared voting power and shared dispositive power over 75,327,923 shares, with no sole power.
What share count underpins the 9.9% figure for Lotus Technology (LOT)?
The calculation references 678,705,338 shares outstanding, as stated in a company 6-K.
What is the date of the event requiring the filing?
The date of event is 08/19/2025.
Does the 13G indicate an intent to influence control at Lotus Technology (LOT)?
The certification states the securities were not acquired for the purpose of changing or influencing control.
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