L Catterton Asia Acquisition in an 8-K said it amended its sponsor support agreement to remove the Sponsor Shares Forfeiture Mechanism and provides that, in addition to the Sponsor Earn-Out Shares, all or a portion of an additional 20% of the Sponsor Shares would vest upon each occurrence of any vesting event within eighteen months of the SPAC closing its deal with Lotus Technology.
Terms for the Lotus Tech deal announced in January called for the target to receive the $288 million that was in the SPAC’s trust account at the time. An extension vote in March claimed around 24% of the SPAC’s outstanding stock on redemptions of about $69.9 million, which left about $218 million in trust.
Lotus Technology does not include the traditional sports car assets of Lotus, which was founded in 1948.
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