L Catterton Asia Acquisition (LCAA) shareholders are scheduled to vote on the SPAC’s proposed merger with Lotus Technology, a luxury car maker being spun out of China’s Geely, on Friday, February 2. The merger values Lotus Technology at an enterprise value of $6.1 billion and, if approved, the combined company will trade under the ticker “LOT” in the largest SPAC merger since August 2023, a month which saw Vietnamese EV developer VinFast (VFS; -41% from listing) list via SPAC merger that valued it at roughly $27 billion. The merger comes amid a prolonged negative environment for de-SPACs, which have averaged a -64% return over the past twelve months. L Catterton Asia Acquisition’s stock dipped below $9 on Tuesday, but closed Thursday at $10.99.
Transaction Details
In January 2023, L Catterton Asia Acquisition and Lotus Technology announced their business combination in a deal...
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