L Catterton Asia Acquisition in a regulatory filing said shareholders approved a deadline extension until June as the SPAC works to finalize its proposed merger with Lotus Technology, a luxury EV maker.
In connection with the vote 6,867,252 shares or around 24% of the company’s outstanding stock were redeemed for about $69.9 million. That leaves about $218 million in trust.
Terms for the Lotus Tech deal announced in January called for the target to receive up to $288 million that was in the SPAC’s trust account at the time.
Lotus Technology does not include the traditional sports car assets of Lotus, which was founded in 1948. Geely also owns Volvo.
The SPAC is affiliated with Bernard Arnault, the world’s richest man. Read more.
