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.
The 8-K filing with vote results did not include a timeframe for when the deal may close.
Lotus in November secured $870 million in pipe financing and convertible notes.
Lotus Technology does not include the traditional sports car assets of Lotus, which was founded in 1948.