On February 23, local time, the luxury electric vehicle brand Lotus Technology Co., Ltd. (“Lotus Technology” or the “Company”) held a bell-ringing ceremony at the Nasdaq Exchange in New York. , celebrating its becoming a listed company with the stock code “LOT”.
Lotus officials said that listing on Nasdaq will inject strong impetus into Lotus Technology’s development of next-generation automotive technology, provide strong support for its expansion of global distribution network, and help the company complete the company’s goal of increasing the number of global stores from 2025 to 2025. The target of about 200 companies has been increased to more than 300 companies .
Officials said that as the world’s first traditional luxury car brand expected to achieve a full product portfolio of 100% pure electric vehicles in 2027, Lotus Technology has launched a series of high-performance, high-performance cars including the Eletre supercar SUV and the Emeya supercar GT. It has a balanced model portfolio and plans to launch two more pure electric models in the next two years .
It is reported that Lotus went public in the United States through a SPAC . Lotus Technology had previously announced a business merger with the special purpose acquisition company L Catterton Asia Acquisition Corp on February 22, 2024. Upon completion, the combined company will retain Lotus Tech’s name as “Lotus Technology Inc.”
Compared with the traditional IPO model, the SPAC model requires less regulatory review and takes less time . It only took 13 months for Lotus to complete the listing from its announcement.
In January last year, Lotus and special purpose acquisition company LCAA announced that the two parties had reached a final merger agreement and the merger was expected to be completed in the second half of that year. The merger agreement stipulates that after the transaction is completed, the merged company will be renamed Lotus Technology and will be headquartered in Wuhan; at the same time, Lotus Technology will be listed on Nasdaq with the stock code “LOT”, and the board of directors will include a person appointed by the LCAA director.
Currently, Geely Li Shufu owns a series of listed companies such as Geely Automobile, Qianjiang Motorcycle, Hanma Technology, Lifan Technology, Volvo, Polestar Motor, and Yikatong.
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