ECARX invests $23 million in Lotus Technology through private placement

Lotus Technology Inc. (NASDAQ: LOT) announced that ECARX Holdings Inc. (NASDAQ: ECX) will invest $23 million in the electric vehicle company through a private placement. Under the agreement signed December 23, ECARX will purchase 16,788,321 newly issued ordinary shares at $1.37 per share.

The transaction is subject to customary closing conditions and is expected to complete within 30 days of the agreement execution. The shares purchased by ECARX will be subject to a six-month lock-up period with certain exceptions.

ECARX, a global mobility technology provider, develops computing platforms and software for automotive applications. The company's products are currently found in approximately 10 million vehicles worldwide. Founded in 2017 and listed on NASDAQ in 2022, ECARX operates in 13 locations across China, UK, USA, Brazil, Singapore, Malaysia, Sweden and Germany with over 1,500 employees.

Lotus Technology operates across the UK, EU and China, focusing on luxury electric vehicles and next-generation automotive technologies including electrification and digitalization.

The securities in this private placement have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States without registration or an applicable exemption from registration requirements.

The companies described the investment as expanding their existing collaborative relationship into a strategic global partnership, though specific details of future cooperation were not disclosed in the announcement.

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