Rutus Lotus, from Hubei, China, intends to be listed on the SPAC Nasdaq
Lotus Technology Inc., a leading manufacturer of luxury electric vehicles under Geely in Hubei, China, entered into a business merger agreement with L Catterton Asia Acquisition Corp. (LCAA) on January 31, 2023 with the NASDAQ SPAC (Special Purpose Acquisition Company) is expected to complete the listing on NASDAQ within the year, and the stock symbol will be changed to LOT in the future.
The transaction was valued at US$5.4 billion. After the transaction, all existing shareholders of Luteus, including Geely Holdings, Etika Automotive and Weilai Capital expect to hold approximately 89.7% of the combined company in the future.
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Headquartered in Hubei, China, Luteus Technology is a luxury electric vehicle manufacturer, develops and manufactures luxury electric living cars (SUV, four-door coupe), with operations in China, the UK and the European Union.
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