High-end electrical automobile producer Lotus Technology Co., Ltd.– owned by Geely Group– just recently gotten approval for its IPO filing from the China Securities Regulatory Commission. Lotus Tech is set to note on the Nasdaq in the United States through a merger with the abroad unique function acquisition business L Catterton Asia Acquisition Corp.
In December 2023, Lotus revealed that it had actually signed contracts for around $8.7 billion in personal financial investment in public equity (“PIPE”) funding and convertible notes for 2023. Lotus got dedications for around $7.5 billion in brand-new funding, based on specific closing conditions defined in the appropriate last financial investment files. These brand-new funding dedications remained in addition to the $1.2 billion funding dedication revealed by Lotus on April 28, 2023. All funding arrangements were based upon a pre-money assessment of $5.5 billion. This will lead to an anticipated totally free float of over 19% for Lotus (omitting existing LCAA investors).
In February 2023, Lotus Technology participated in a merger arrangement with the unique function business L Catterton Asia Acquisition Corp, valuing the brand-new business at $58.88 billion. Initially prepared to be finished in the 2nd half of 2023, the merger is anticipated to result in the business’s listing on the Nasdaq with the stock sign “LOT.” The possibilities of the merger and listing taking place are slower than prepared for at present.
Lotus Technology was developed in August 2021 with its head office in the Wuhan Economic Development Zone, called “China Car Valley”. In August 2021, Lotus revealed the facility of its international head office in the Wuhan Economic Development Zone, covering a location of roughly 186 acres with a structure location of 390,000 square meters, and an overall financial investment of $3 billion. At that time, Lotus likewise finished a Pre-A round of funding with an evaluation of 15 billion yuan ($2.3 billion), with NIO Capital taking part in this round of funding.
Over the last few years, Geely’s creator Li Shufu has actually successively taken Volvo, Polestar, and Ecarx Technology and other business public. In December 2022, Ecarx Technology finished a merger with the unique function acquisition business COVA Acquisition Corp., noting on the Nasdaq with an appraisal of $3.8 billion.
Li Shufu has actually been proficient in the capital markets, with his business Geely Auto likewise applying for an IPO and preparing to list in the United States with an evaluation surpassing $10 billion. Due to the assessment corrections of NIO and XPengcombined with the capital markets not heating up, Geely Auto has yet to list on the NYSE. With Lotus Technology’s IPO approval, it represents that they have actually acquired the secret to listing.
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