NEW
YORK and SINGAPORE,
Feb. 22,
2024 /PRNewswire/ -- Lotus Technology Inc.
("Lotus Tech" or the "Company"), a leading global luxury electric
vehicle maker, and L Catterton Asia Acquisition Corp
("LCAA") (NASDAQ: LCAA), a special purpose acquisition
company formed by affiliates of L Catterton, a leading
global consumer-focused investment firm, today announced the
completion of their previously announced business combination
("Business Combination"). The listed company following the Business
Combination is "Lotus Technology Inc." and its American
depositary shares ("ADSs") are expected to commence trading on the
Nasdaq Stock Market LLC ("Nasdaq") under the ticker symbol "LOT" on
February 23, 2024.
The announcement of the completion of the Business Combination
comes after LCAA shareholders voted to approve the
transaction on February 2, 2024. As a
result of the Business Combination, LCAA became a wholly
owned subsidiary of Lotus Tech and is expected to be delisted from
the Nasdaq.
Mr. Qingfeng Feng, Chief
Executive Officer of Lotus Tech, said: "Becoming a U.S-listed
company marks a significant milestone in Lotus Tech's advancement
into a global sustainable luxury mobility provider under the
brand's Vision80 strategy. I look forward to further collaboration
with LCAA as our respected partners, joining us in
contributing to a greener future for all through sustainable
innovation. "
Chinta Bhagat, Co-Chief Executive
Officer of LCAA, said: "We are very pleased to announce
the successful completion of the business combination with Lotus
Tech, a pioneer in the electrification of luxury mobility
with a world-leading product portfolio of luxury vehicles. We
are confident Lotus Tech's listing on the Nasdaq will further its
global expansion, and look forward to joining them in the exciting
growth journey ahead."
Lotus Tech is expected to ring the Nasdaq opening bell in
New York City on February 23, 2024 to commemorate its public
listing. A live stream of the event can be viewed at
https://www.nasdaq.com/marketsite/bell-ringing-ceremony.
About Lotus Technology
Lotus Technology Inc. has operations across China, the UK, and the EU. The Company is
dedicated to delivering luxury lifestyle battery electric vehicles,
with a focus on world-class R&D in next-generation automobility
technologies such as electrification, digitalisation and more. For
more information about Lotus Technology Inc., please visit
www.group-lotus.com.
About L Catterton Asia Acquisition
Corp
L Catterton Asia Acquisition Corp (NASDAQ: LCAA) is
a blank check company incorporated for the purpose of effecting a
merger, capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination with one or more
businesses or entities. While it may pursue an initial target
business in any industry or sector, it has focused its search on
high-growth, consumer technology sectors across Asia. For more information about L
Catterton Asia Acquisition Corp, please visit www.lcaac.com.
About L Catterton
L Catterton is a market-leading consumer-focused
investment firm, managing approximately $35
billion of equity capital across three multi-product
platforms: private equity, credit and real estate. Leveraging deep
category insight, operational excellence, and a broad network of
strategic relationships, L Catterton's team of more than 200
investment and operating professionals across 17 offices partners
with management teams to drive differentiated value creation across
its portfolio. Founded in 1989, the firm has made over 275
investments in some of the world's most iconic consumer brands. For
more information about L Catterton, please visit
www.lcatterton.com.
Forward-Looking Statements
This press release (the "Press Release") contains
forward-looking statements within the meaning of Section 27A
of the U.S. Securities Act of 1933, as amended (the
"Securities Act"), and Section 21E of the U.S. Securities Exchange
Act of 1934, that are based on beliefs and assumptions and on
information currently available to Lotus Tech and
LCAA. All statements other than statements of
historical fact contained in this Press Release are forward-looking
statements. In some cases, you can identify forward-looking
statements by terminology such as "may", "should", "expect",
"intend", "will", "estimate", "anticipate", "believe", "predict",
"potential", "forecast", "plan", "seek", "future", "propose" or
"continue", or the negatives of these terms or variations of them
or similar terminology although not all forward-looking statements
contain such terminology. Such forward-looking statements are
subject to risks, uncertainties, and other factors which could
cause actual results to differ materially from those expressed or
implied by such forward looking statements.
These forward-looking statements are based upon estimates and
assumptions that, while considered reasonable by LCAA and
its management, and Lotus Tech and its management, as the case may
be, are inherently uncertain. Factors that may cause actual results
to differ materially from current expectations include, but are not
limited to: (1) the occurrence of any event, change or other
circumstances that could give rise to the termination of definitive
agreements with respect to the proposed Business Combination
between LCAA, Lotus Tech and the other parties thereto
(the "Business Combination"); (2) the outcome of any legal
proceedings that may be instituted against LCAA, the
Combined Company or others following the announcement of the
Business Combination and any definitive agreements with respect
thereto; (3) the amount of redemption requests made by
LCAA public shareholders and the inability to complete the
Business Combination due to the failure to obtain approval of the
shareholders of LCAA, to obtain financing to complete
the Business Combination or to satisfy other conditions to closing
and; (4) changes to the proposed structure of the Business
Combination that may be required or appropriate as a result of
applicable laws or regulations or as a condition to obtaining
regulatory approval of the Business Combination; (5) the
ability to meet stock exchange listing standards following the
consummation of the Business Combination; (6) the risk that
the Business Combination disrupts current plans and operations of
the Company as a result of the announcement and consummation of the
Business Combination; (7) the ability to recognize the
anticipated benefits of the Business Combination, which may be
affected by, among other things, competition, the ability of the
Combined Company to grow and manage growth profitably, maintain
relationships with customers and suppliers and retain its
management and key employees; (8) costs related to the
Business Combination; (9) risks associated with changes in
applicable laws or regulations and Lotus Tech's international
operations; (10) the possibility that Lotus Tech or the
Combined Company may be adversely affected by other economic,
business, and/or competitive factors; (11) Lotus Tech's
estimates of expenses and profitability; (12) Lotus Tech's
ability to maintain agreements or partnerships with its strategic
partner Geely Holding and to develop new agreements or
partnerships; (13) Lotus Tech's ability to maintain
relationships with its existing suppliers and strategic partners,
and source new suppliers for its critical components, and to
complete building out its supply chain, while effectively managing
the risks due to such relationships; (14) Lotus Tech's
reliance on its partnerships with vehicle charging networks to
provide charging solutions for its vehicles and its strategic
partners for servicing its vehicles and their integrated software;
(15) Lotus Tech's ability to establish its brand and capture
additional market share, and the risks associated with negative
press or reputational harm, including
from lithium-ion battery cells catching fire or venting
smoke; (16) delays in the design, manufacture, launch and
financing of Lotus Tech's vehicles and Lotus Tech's reliance on a
limited number of vehicle models to generate revenues;
(17) Lotus Tech's ability to continuously and rapidly
innovate, develop and market new products; (18) risks related
to future market adoption of Lotus Tech's offerings;
(19) increases in costs, disruption of supply or shortage of
materials, in particular for lithium-ion cells or
semiconductors; (20) Lotus Tech's reliance on its partners to
manufacture vehicles at a high volume, some of which have limited
experience in producing electric vehicles, and on the allocation of
sufficient production capacity to Lotus Tech by its partners in
order for Lotus Tech to be able to increase its vehicle production
capacities; (21) risks related to Lotus Tech's distribution
model; (22) the effects of competition and the high barriers
to entry in the automotive industry, and the pace and depth of
electric vehicle adoption generally on Lotus Tech's future
business; (23) changes in regulatory requirements,
governmental incentives and fuel and energy prices; (24) the
impact of the global COVID-19 pandemic on LCAA,
Lotus Tech, Lotus Tech's post business combination's projected
results of operations, financial performance or other financial
metrics, or on any of the foregoing risks; and (25) other
risks and uncertainties set forth in the section entitled "Risk
Factors" and "Cautionary Note Regarding Forward-Looking Statements"
Lotus Tech's registration statement on Form F-4 (File No.
333-275001) filed by Lotus Tech with the U.S. Securities and
Exchange Commission (the "SEC") on January
12, 2024 and in LCAA's final prospectus relating to
its initial public offering
(File No. 333-253334) filed by LCAA with the
SEC on March 12, 2021, and other documents filed, or to be
filed, with the U.S. Securities and Exchange Commission (the "SEC")
by LCAA or Lotus Tech, including the Registration/Proxy
Statement (as defined below). There may be additional risks that
neither LCAA nor Lotus Tech presently know or that
LCAA or Lotus Tech currently believe are immaterial
that could also cause actual results to differ from those contained
in the forward-looking statements.
Nothing in this Press Release should be regarded as a
representation by any person that the forward-looking statements
set forth herein will be achieved in any specified time frame, or
at all, or that any of the contemplated results of such
forward-looking statements will be achieved in any specified time
frame, or at all. The forward-looking statements in this Press
Release represent the views of LCAA and Lotus Tech as of the
date they are made. While LCAA and Lotus Tech may update
these forward-looking statements in the future, LCAA and
Lotus Tech specifically disclaim any obligation to do so, except to
the extent required by applicable law. You should not place undue
reliance on forward-looking statements.
Contact Information
For inquiries regarding Lotus Tech
Demi Zhang
ir@group-lotus.com
Brunswick Group
Lotustechmedia@brunswickgroup.com
For inquiries regarding LCAA and/or L
Catterton
Julie Hamilton (U.S.)
media@lcatterton.com
+1 203 742 5185
Bob Ong / Bonnie Gan (Asia)
bob.ong@lcatterton.com / bonnie.gan@lcatterton.com
+65 6672 7619 / +86 10 8555 1807
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SOURCE Lotus Technology Inc.