Lotus Technology CFO Alexious Lee explains why the electric-vehicle maker decided to go public via SPAC. Speaking with Katie Greifeld on Bloomberg Television, Lee also discusses the company’s position in the EV market and its commitment to electrification.
Lotus Technology and L Catterton Asia Acquisition closed the deal this week. Shares trade on the Nasdaq under the ticker symbol LOT.
Integrating Lotus’s sports car DNA with a new generation of premium lifestyle vehicles, Lotus Tech said it is committed to transforming the brand into an advanced, fully electric, intelligent, and sustainable luxury mobility provider before its 80th anniversary in 2028.
L Catterton Asia shareholders approved the deal earlier this month, although redemptions of nearly 21 million shares carved out most of the remaining cash in trust.
Since the transaction was announced, Lotus Tech has raised more than $880 million in pre-closing and private investment in public equity financing commitments from global investors, existing shareholders, and strategic partners, representing one of the largest amounts of additional financing raised in connection with a de-SPAC transaction last year. Read more.
