L Catterton Asia Acquisition said shareholders approved the SPAC’s business combination with Lotus Tech, although redemptions of 20,818,519 shares carved out most of the remaining cash in trust.
Terms for the Lotus Tech deal announced in January 2023 called for the target to receive the $288 million that was in the SPAC’s trust account at that time. An extension vote two months later 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.
Redemptions since then have reached almost 97%, leaving the SPAC with about $10.7 million in trust.
The 8-K filing with vote results did not include a timeframe for when the deal may close.
Lotus in November secured $870 million in PIPE financing and convertible notes.
Lotus Technology does not include the traditional sports car assets of Lotus, which was founded in 1948.
The SPAC is affiliated with Bernard Arnault, one of the richest people in the world. Read more.
