(Yicai) Nov. 28 -- Lotus Technology, the electric vehicle arm of British sports car brand Lotus, has secured USD870 million of financing commitments this year ahead of its planned Nasdaq listing, according to the company, which is affiliated with Chinese auto giant Geely Holdings.

Lotus Tech has obtained about USD750 million of new financing, the Wuhan-based firm said in a newsletter yesterday without naming the investors, adding to about USD120 million announced in April. The funding comprises private investment in public equity financing and convertible notes and will be used to advance product innovation and expand global distribution.

The funding agreements were signed based on a USD5.5 billion pre-money valuation and the investors are expected to be issued public shares on completion of the automaker’s merger with L Catterton Asia Acquisition, a blank check company.

Lotus Tech agreed on the merger with LCAA, formed by private equity firm L Catterton which focuses on consumer segments, on Jan. 31. 

The resulting company is expected to retain Lotus Tech's name and its ordinary shares represented by American depositary receipts are expected to have the stock ticker LOT. The portion of its shares that are expected to trade freely upon completion of the business combination exceeds 19 percent, excluding existing LCAA shareholders.

Editor: Emmi Laine