REFILE-EV maker Lotus Tech plans U.S. IPO via deal with SPAC L Catterton - sources

(Refiles to add sourcing to the headline) SHANGHAI, Jan 31 (Reuters) - Lotus Technology will go public in the United States via a merger with special purpose acquisition company L Catterton Asia Acquisition Corp in a deal that will value the combined group at $5.4 billion, people familiar with the matter said on Tuesday. The valuation takes into account $288 million of cash in LCAA's trust account, they said.

Lotus Tech is a luxury electric vehicle maker division of sports car brand Group Lotus, which is in turn owned jointly by Chinese automaker Geely and Malaysia's Etika Automotive.

Lotus Tech's existing shareholders, including Geely, Etika and NIO Capital, will retain their interests in the company and own almost 90% of it following the deal, they said. The firm's current leadership team will also stay on, they added.

Lotus began production of its first electric sports utility vehicle (SUV) at the end of 2022 and intends to begin deliveries in the first quarter of this year, it said in September. (Reporting by Brenda Goh; Editing by Jan Harvey)

Messaging: brenda.goh.thomsonreuters.com@reuters.net))

Reuters

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

off-the-wire

REFILE-EV maker Lotus Tech plans U.S. IPO via deal with SPAC L Catterton - sources

By Reuters

Reuters

Reuters

Gold is never going back to $2,000: 'That's history,' prices to 3x from here – Peter Schiff

Solid price gains for gold, silver after busy news weekend

‘Biggest economic shift since Nixon’: Major U.S. monetary policy changes coming in 12-36 months – Jack Mallers

India joins South Africa in denying BRICS currency plans after Trump’s 100% tariff threat

Silver prices breach $32/oz as bullish technicals and fundamentals suggest potential breakout