Lei Jianping on February 18
Lotus Tech, a luxury electric vehicle manufacturer, has been approved by the China Securities Regulatory Commission (CSRC) for an IPO.
Lotus was listed on NASDAQ through a merger with L Catterton Asia Acquisition Corp, an offshore special purpose acquisition company, and issued up to 181,315,064 common shares.
In December 2023, Lotus announced that it had signed a total of about 8US$700 million private equity investment agreement ("PIPE") financing and convertible notes. Lotus received about 7US$500 million in new financing commitments, subject to closing conditions as set out in the relevant final investment documents.
These new funding commitments are approximately 1$200 million in financing commitments. All financing agreements were signed based on a pre-investment valuation of $5.5 billion.
This will result in Lotus' expected free float of more than 19% (excluding existing LCAA shareholders).
In February 2023, Lotus Tech entered into a merger agreement with L Catterton Asia Acquisition Corp, a special purpose vehicle, for a new company valued at 58$8.8 billion.
Lotus Technology originally planned the merger to close in the second half of 2023, and the company will be listed on Nasdaq upon completion of the transaction,**"lot"。For now, the opportunity for a merger to go public is slower than expected.
Li Shufu will receive another IPO
Lotus Technology was established in August 2021 and is headquartered in Wuhan Economic Development Zone (China Car Valley). In August 2021, Lotus confirmed its global headquarters to settle in Wuhan Economic Development Zone, which is located in Wuhan Economic Development Zone, covering an area of about 186 acres, with a construction area of 390,000 square meters and a total investment of 3 billion yuan.
At that time, Lotus also completed a pre-A round of financing at a valuation of 15 billion yuan ($2.3 billion), and NIO Capital also participated in this round of financing.
In the past few years, Geely's founder, Li Shufu, has successively operated a number of companies such as Volvo, Polestar, and ECARX to go public. In December 2022, ECARX Technology ("ECARX") and COVA Acquisition Corp., a special purpose acquisition company, were announced in December 2022Cova ("COVA") completed its merger and was listed on the NASDAQ in the U.S. for US$3.8 billion.
Li Shufu is good at dancing in the capital market, and his Zeekr Automobile has also submitted a prospectus to be listed in the United States, with a valuation of more than $10 billion.
However, due to the valuations of NIO and Xpeng Motors**, and the failure of the capital market to recover, ZEEKR has not been listed on the New York Stock Exchange for a long time.
With the approval of the IPO of Lotus Technology, it also means that it has got the key to listing, and there will be one more new energy high-tech listed company in Wuhan in 2024. Li Shufu will receive another IPO
The following is the Lotus roadshow ppt:
Lei Di was founded by ** Lei Jianping, if ** please in**.