NEW YORK and SINGAPORE - Lotus Technology Inc., a prominent luxury electric vehicle manufacturer, has finalized its business combination with L Catterton Asia Acquisition Corp (NASDAQ: LCAA), a special purpose acquisition company. The completion of this merger was announced today, following approval by LCAA shareholders on February 2, 2024. The combined entity will operate under the name Lotus Technology Inc., with its American depositary shares set to begin trading on the Nasdaq under the ticker symbol "LOT" starting tomorrow.
The business combination has led to LCAA becoming a wholly owned subsidiary of Lotus Tech and is expected to result in the delisting of LCAA from Nasdaq. Mr. Qingfeng Feng, CEO of Lotus Tech, expressed that the U.S. listing is a significant step in the company's Vision80 strategy, aiming to establish a global presence in sustainable luxury mobility.
Chinta Bhagat, Co-CEO of LCAA, shared optimism for Lotus Tech's future, citing the company's pioneering role in luxury electric mobility and a robust product portfolio. The Nasdaq listing is anticipated to bolster Lotus Tech's global expansion efforts.
Lotus Tech has scheduled to ring the Nasdaq opening bell in New York City on February 23, 2024, to celebrate its public listing. The ceremony will be live-streamed for public viewing.
With operations spanning China, the UK, and the EU, Lotus Technology is committed to creating luxury lifestyle battery electric vehicles and advancing automobility technologies such as electrification and digitalization.
L Catterton Asia Acquisition Corp, now part of Lotus Tech, was a blank check company targeting 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 history of over 275 investments.
This press release contains forward-looking statements regarding the merger and future expectations, which are subject to risks and uncertainties that could cause actual results to differ materially. The forward-looking statements are based on current beliefs, assumptions, and information available to both Lotus Tech and LCAA. The companies caution that these statements should not be regarded as guarantees of future performance.
The news is based on a press release statement from Lotus Technology Inc. and does not constitute an endorsement of the company's claims.
InvestingPro Insights
As Lotus Technology Inc. gears up for its Nasdaq debut under the ticker symbol "LOT", the company's financial metrics and stock performance indicators offer a glimpse into its market position and potential investment attractiveness. According to InvestingPro data, Lotus Tech has a market capitalization of approximately $7.81 billion USD, reflecting its stature in the luxury electric vehicle market.
Investors might be particularly interested in the company's P/E ratio, which stands at a high 55.55. This suggests that the market has high expectations for Lotus Tech's future earnings. In line with this, the company has demonstrated an impressive revenue growth of 21.14% over the last twelve months as of Q4 2023, indicating strong sales performance in its sector.
Moreover, Lotus Tech's commitment to shareholder returns is evident as it has raised its dividend for 22 consecutive years, a testament to its financial stability and confidence in its business model. This is further supported by the fact that the company has maintained dividend payments for 33 consecutive years, showcasing a reliable track record for income-focused investors.
For those seeking a deeper dive into Lotus Technology's financial health and stock potential, InvestingPro offers additional insights. There are currently 15 more InvestingPro Tips available for Lotus Tech, which can be found at https://www.investing.com/pro/LOT. These tips provide valuable information for investors looking to make informed decisions about their investments in the company.
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