Lotus Tech and L Catterton Asia Acquisition Corp Complete Business Combination
Portfolio Pulse from Benzinga Newsdesk
Lotus Technology Inc. ("Lotus Tech"), a global luxury electric vehicle maker, and L Catterton Asia Acquisition Corp ("LCAA") (NASDAQ:LCAA) have completed their business combination, with Lotus Tech becoming a U.S-listed company under the ticker "LOT" on Nasdaq starting February 23, 2024. LCAA, now a wholly owned subsidiary of Lotus Tech, is expected to be delisted from Nasdaq. This marks a significant milestone for Lotus Tech in its Vision80 strategy for global sustainable luxury mobility. The company will ring the Nasdaq opening bell on February 23, 2024, to celebrate its public listing.
February 22, 2024 | 10:15 pm
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LCAA has completed its business combination with Lotus Tech, becoming a wholly owned subsidiary and expected to be delisted from Nasdaq.
LCAA's expected delisting from Nasdaq following its acquisition by Lotus Tech could lead to a decrease in its stock price in the short term, as it transitions from a publicly traded entity to a subsidiary. This move is part of the strategic business combination with Lotus Tech, reflecting a shift in its market presence.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 90
POSITIVE IMPACT
Lotus Tech, now listed under ticker "LOT", completed its business combination with LCAA, marking its entry as a U.S-listed luxury electric vehicle company.
The completion of the business combination and the listing of Lotus Tech under the ticker "LOT" on Nasdaq is a significant milestone for the company, likely attracting investor interest in the luxury electric vehicle sector. The public listing could increase Lotus Tech's visibility and access to capital, potentially driving up its stock price in the short term.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100