Skadden advised Lotus Technology Inc. (“Lotus Tech”), a leading global luxury electric vehicle maker, on its merger with L Catterton Asia Acquisition Corp, a special purpose acquisition company formed by affiliates of L Catterton, a global consumer-focused investment firm, at an enterprise value of US$ 5.4 billion. The de-SPAC transaction closed on February 22, 2024.
The combined company retains Lotus Tech’s name as “Lotus Technology Inc.” and its American Depositary Shares (ADS) will commence trading on Nasdaq under the ticker symbol “LOT” on February 23, 2024.
The team at Skadden was led by corporate partners Peter Huang (Beijing), Shu Du (Hong Kong) and Brian Breheny (Washington D.C.) with Asia Pacific Counsel Flora Lu (Shanghai), associates Susan Lu (Beijing), Derek Li (Hong Kong), Yin Yu (Hong Kong), Xin Yan (Beijing) and Hoaran Luan (Hong Kong); as well as tax partner Victor Hollender (New York) and associates Joshua Lin (New York) and Patrick Hasson (New York); with intellectual property partner Bruce Goldner (New York) and associate Anita Oh (New York).
