L Catterton Asia Acquisition Needs to Close Lotus Tech Deal to Placate Nasdaq

L Catterton Asia in a regulatory filing said it reeceived a delisting notice from the Nasdaq for failing to conduct a shareholder meeting within 12 months of the fiscal year ended Dec. 31, 2022.

While the SPAC has 45 days to submit a plan for regaining compliance, that won't be necessary if it closes its merger with Lotus by March 21.

L Catterton Asia shareholders approved the deal last week, although redemptions of 20,818,519 shares carved out most of the remaining cash in trust.

Terms for the Lotus Tech deal announced in January 2023 called for the target to receive the $288 million that was in the SPAC's trust account at that time. An extension vote two months later in March claimed around 24% of the SPAC's outstanding stock on redemptions of about $69.9 million, which left about $218 million in trust.

Redemptions since then have reached almost 97%, leaving the SPAC with about $10.7 million in trust.

Lotus Technology does not include the traditional car assets of Lotus, which was founded in 1948.

The SPAC is affiliated with Bernard Arnault, one of the richest people in the world. Read more.


Source: L Catterton Asia Acquisition Needs to Close Lotus Tech Deal to Placate Nasdaq