Summary by Moomoo AI
Lotus Technology has entered into a Securities Purchase Agreement with Westwood Capital Group LLC on September 16, 2024, under which Westwood commits to purchase up to $350 million of American depositary shares (ADSs) over approximately 36 months. The purchase price will be 97% of the lowest daily VWAP during three consecutive trading days following each purchase notice.Under the agreement terms, each issuance is capped at 50% of the average daily trading volume and $100 million per transaction. As consideration for Westwood's commitment, Lotus will issue Commitment ADSs worth $3.5 million. Westwood is prohibited from engaging in short sales or hedging transactions of Lotus securities.The proceeds will be used for product innovation, development of next-generation automobility technologies, expansion of global distribution network and general corporate purposes. The agreement includes customary termination provisions and does not impose financial covenants or restrictions on future financings.
