Lotus Tech is completing its merger with LCAA and will be listed as LOT on Nasdaq By Investing.com

Lotus Tech is completing its merger with LCAA and will be listed as LOT on Nasdaq By Investing.com

© Reuters.

NEW YORK and SINGAPORE – Lotus Technology Inc, a leading manufacturer of luxury electric vehicles, has completed its business combination with L Catterton Asia Acquisition Corp (NASDAQ: LCAA), a special purpose acquisition company. The completion of the merger was announced today, following LCAA shareholder approval on February 2, 2024. The combined entity will operate under the name Lotus Technology Inc, and its American depositary shares will begin trading on the Nasdaq under the symbol “LOT”. starting. tomorrow.

The business combination has resulted in LCAA becoming a wholly owned subsidiary of Lotus Tech and is expected to result in LCAA being delisted from the Nasdaq. Qingfeng Feng, CEO of Lotus Tech, said that the US listing is an important step in the company’s Vision80 strategy, which aims to establish a global presence in the sustainable luxury mobility industry.

Chinta Bhagat, co-CEO of LCAA, was optimistic about Lotus Tech’s future, citing the company’s leading role in luxury electric mobility and its strong product portfolio. The Nasdaq listing is expected to bolster Lotus Tech’s global expansion efforts.

Lotus Tech plans to ring the opening bell of Nasdaq in New York on February 23, 2024 to celebrate its IPO. The ceremony will be broadcast live.

With operations in China, the UK and the European Union, Lotus Technology is committed to creating luxury lifestyle battery electric vehicles and advancing automotive technologies such as electric and digital.

L Catterton Asia Acquisition Corp, now part of Lotus Tech, was a white equity investment firm focused on high-growth consumer technology sectors in Asia. L Catterton, the investment firm behind LCAA, manages approximately $35 billion of equity capital, focusing on consumer brands, and has a track record of over 275 investments.

This press release contains forward-looking statements about the merger and future expectations, which are subject to risks and uncertainties that could cause actual results to differ. Forward-looking statements are based on the current beliefs, assumptions and information available to Lotus Tech and LCAA. The companies caution that this information should not be taken as a guarantee of future results.

This information is based on a press release from Lotus Technology Inc. and does not include corporate claims.

InvestingPro Review

Lotus Technology Inc. As it debuts on the Nasdaq under the symbol “LOT,” the company’s financial metrics and stock performance indicators provide insight into its market position and potential attractiveness as an investment. According to the data and InvestingProLotus Tech has a market capitalization of approximately $7.81 billion, reflecting its position in the luxury electric vehicle market.

Investors may be particularly interested in the company’s P/E, which is a high 55.55. This shows that the market has high expectations for the company. This indicates that the market has high expectations for Lotus Tech’s future earnings. Along with this, the company has shown an impressive revenue growth of 21.14% in the trailing twelve months to Q4 2023, which indicates a strong sales performance in its sector.

Furthermore, Lotus Tech’s commitment to return to its shareholders is evident, as it has increased its dividend for 22 consecutive years, a testament to its financial stability and confidence in its business model. This is supported by the fact that the company has maintained its dividend payout for 33 consecutive years, demonstrating a reliable track record for income-oriented investors.

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