<SEC-DOCUMENT>0000950103-24-006575.txt : 20240513
<SEC-HEADER>0000950103-24-006575.hdr.sgml : 20240513
<ACCEPTANCE-DATETIME>20240513060856
ACCESSION NUMBER:		0000950103-24-006575
CONFORMED SUBMISSION TYPE:	SC 13G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240513
DATE AS OF CHANGE:		20240513

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Lotus Technology Inc.
		CENTRAL INDEX KEY:			0001962746
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTOR VEHICLES & PASSENGER CAR BODIES [3711]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-94515
		FILM NUMBER:		24936743

	BUSINESS ADDRESS:	
		STREET 1:		NO. 800 CENTURY AVENUE, PUDONG DISTRICT
		CITY:			SHANGHAI
		STATE:			F4
		ZIP:			200120
		BUSINESS PHONE:		86 21 5466 6258

	MAIL ADDRESS:	
		STREET 1:		NO. 800 CENTURY AVENUE, PUDONG DISTRICT
		CITY:			SHANGHAI
		STATE:			F4
		ZIP:			200120

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Meritz Securities Co., Ltd.
		CENTRAL INDEX KEY:			0002006125
		ORGANIZATION NAME:           	
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			M5

	FILING VALUES:
		FORM TYPE:		SC 13G

	BUSINESS ADDRESS:	
		STREET 1:		THREE IFC
		STREET 2:		10 GUKJEGEUMYUNG-RO, YEONGDEUNGPO-GU
		CITY:			SEOUL
		STATE:			M5
		ZIP:			07326
		BUSINESS PHONE:		82 (0)2-6454-4333

	MAIL ADDRESS:	
		STREET 1:		THREE IFC
		STREET 2:		10 GUKJEGEUMYUNG-RO, YEONGDEUNGPO-GU
		CITY:			SEOUL
		STATE:			M5
		ZIP:			07326
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G
<SEQUENCE>1
<FILENAME>dp211119_sc13g.htm
<DESCRIPTION>FORM SC 13G
<TEXT>
<HTML>
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     <TITLE></TITLE>
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 3.5pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 20pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 13G</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Under the Securities Exchange Act of 1934</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Amendment No. )*</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Lotus Technology Inc.</U></B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name of Issuer)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 10pt; text-align: center"><U>Ordinary Shares, par value $0.00001 per share</U></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">(Title of Class of Securities)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">54572F101**</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">(CUSIP Number)</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">March 31, 2024</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center">(Date of Event which Requires Filing of this Statement)</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Check the appropriate box to designate the rule
pursuant to which this Schedule is filed:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;
</FONT>Rule 13d-1(b)&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;
</FONT>Rule 13d-1(c)&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT>
Rule 13d-1(d)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">*The remainder of this cover page shall be filled out for a reporting
person&rsquo;s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing
information which would alter the disclosures provided in a prior cover page.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">** There is no CUSIP number assigned to the Ordinary Shares. CUSIP
number 54572F101 has been assigned to the American Depositary Shares of Lotus Technology Inc., which are quoted on The NASDAQ Global Market
under the symbol &ldquo;LOT&rdquo;. Each American Depositary Share represents one Ordinary Share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The information required in the remainder of this cover page shall
not be deemed to be &ldquo;filed&rdquo; for the purpose of Section 18 of the Securities Exchange Act of 1934 (&ldquo;Act&rdquo;) or otherwise
subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding: 3pt; border: black 1.5pt solid; font-weight: bold">CUSIP No.</TD>
    <TD COLSPAN="3" STYLE="padding: 3pt; border-top: black 1.5pt solid; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; font-weight: bold"><FONT STYLE="font-weight: normal">54572F101</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; text-align: center">1.</TD>
    <TD COLSPAN="4" STYLE="padding: 3pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid">Names of Reporting Persons<BR>
Meritz Securities Co., Ltd.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; text-align: center">2.</TD>
    <TD COLSPAN="4" STYLE="padding: 3pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid">Check the Appropriate Box if a Member of a Group (See Instructions)<BR>
(a) <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT><BR>
(b) <FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; text-align: center">3.</TD>
    <TD COLSPAN="4" STYLE="padding: 3pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">SEC Use Only</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; text-align: center">4.</TD>
    <TD COLSPAN="4" STYLE="padding: 3pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid">Citizenship or Place of Organization<BR>
Republic of Korea</TD></TR>
  <TR>
    <TD COLSPAN="3" ROWSPAN="4" STYLE="padding: 3pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">NUMBER OF</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">SHARES</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">BENEFICIALLY</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">OWNED BY</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">EACH</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">REPORTING</P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0">PERSON WITH</P></TD>
    <TD STYLE="padding: 3pt; vertical-align: top; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid">5.</TD>
    <TD STYLE="padding: 3pt; vertical-align: top; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid">Sole Voting Power<BR>
50,000,000</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid">6.</TD>
    <TD STYLE="padding: 3pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid">Shared Voting Power<BR>
0</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid">7.</TD>
    <TD STYLE="padding: 3pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid">Sole Dispositive Power<BR>
50,000,000</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid">8.</TD>
    <TD STYLE="padding: 3pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid">Shared Dispositive Power<BR>
0</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; text-align: center">9.</TD>
    <TD COLSPAN="4" STYLE="padding: 3pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid">Aggregate Amount Beneficially Owned by Each Reporting Person<BR>
50,000,000</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; text-align: center">10.</TD>
    <TD COLSPAN="4" STYLE="padding: 3pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid">Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions)<BR>
<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; text-align: center">11.</TD>
    <TD COLSPAN="4" STYLE="padding: 3pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid">Percent of Class Represented by Amount in Row (9)<BR>
7.4%<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid; border-left: black 1.5pt solid; text-align: center">12.</TD>
    <TD COLSPAN="4" STYLE="padding: 3pt; border-right: black 1.5pt solid; border-bottom: black 1.5pt solid">Type of Reporting Person (See Instructions)<BR>
FI</TD></TR>
  <TR>
    <TD STYLE="padding: 3pt; width: 6%">&nbsp;</TD>
    <TD STYLE="padding: 3pt; width: 9%">&nbsp;</TD>
    <TD STYLE="padding: 3pt; width: 3%">&nbsp;</TD>
    <TD STYLE="padding: 3pt; width: 3%">&nbsp;</TD>
    <TD STYLE="padding: 3pt; width: 79%">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT>
The percentages reported in this Schedule 13G are based upon 676,735,814 Ordinary Shares issued and outstanding as of February 29, 2024
(according to the issuer&rsquo;s Form 20-F as filed with the Securities and Exchange Commission on April 22, 2024).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 1(a).&nbsp;&nbsp;Name of Issuer</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">Lotus Technology Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 1(b).&nbsp;&nbsp;Address of Issuer&rsquo;s Principal Executive
Offices</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No. 800 Century Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pudong District, Shanghai, People&rsquo;s Republic of China</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 2(a).&nbsp;&nbsp;Name of Person Filing</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">Meritz Securities Co., Ltd.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 2(b).&nbsp;&nbsp;Address of Principal Business Office or,
If None, Residence</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">Three IFC,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">10 Gukjegeumyung-ro,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">Yeongdeungpo-gu, Seoul,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">Republic of Korea 07326</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 2(c).&nbsp;&nbsp;Citizenship</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">Republic of Korea</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 2(d).&nbsp;&nbsp;Title of Class of Securities</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">Ordinary Shares, par value $0.00001
per share</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 2(e).&nbsp;&nbsp;CUSIP Number</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">54572F101 (There is no CUSIP number
assigned to the Ordinary Shares. CUSIP number 54572F101 has been assigned to the American Depositary Shares of Lotus Technology Inc.,
which are quoted on The NASDAQ Global Market under the symbol &ldquo;LOT&rdquo;. Each American Depositary Share represents one Ordinary
Share.)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 3.&nbsp;&nbsp;&nbsp;If this statement is filed pursuant to
Rules&nbsp;13d-1(b), or 13d-2(b) or (c), check whether the person filing is a:</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT>&nbsp;&nbsp;Broker
or dealer registered under section 15 of the Act (15 U.S.C. 78o);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT>&nbsp;&nbsp;Bank
as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT>&nbsp;&nbsp;Insurance
company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT>&nbsp;&nbsp;Investment
company registered under Section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT>&nbsp;&nbsp;An
investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT>&nbsp;&nbsp;An
employee benefit plan or endowment fund in accordance with Rule 13d&ndash;1(b)(1)(ii)(F);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT>&nbsp;&nbsp;A
parent holding company or control person in accordance with Rule 13d&ndash;1(b)(1)(ii)(G);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT>&nbsp;&nbsp;A
savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(i)&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT>&nbsp;&nbsp;A
church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of
1940 (15 U.S.C. 80a-3);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(j)&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT>&nbsp;&nbsp;A
non-U.S. institution in accordance with Rule 240.13d-1(b)(1)(ii)(J);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT>&nbsp;&nbsp;Group,
in accordance with Rule 13d&ndash;1(b)(1)(ii)(K).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If filing as a non-U.S. institution in accordance with Rule 13d&ndash;1(b)(1)(ii)(J),
please specify the type of institution:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Meritz Securities Co., Ltd. is a broker entity, authorized by the Financial
Services Commission in the Republic of Korea which is comparable to the regulatory scheme applicable to a broker covered in Item 3(a)
above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 4.&nbsp;&nbsp;Ownership.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Item 4(a). Amount Beneficially Owned:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Meritz Securities Co., Ltd. beneficially owns 50,000,000
Ordinary Shares, par value $0.00001 per share (the &ldquo;Shares&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Item 4(b). Percent of Class:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">The Shares represent approximately 7.4% of the Issuer's
Ordinary Shares outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>Item 4(c). Number of shares as to which such person
has:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Meritz Securities Co., Ltd. has sole voting power
and sole dispositive power in respect of 50,000,000 Ordinary Shares representing 7.4% of the Issuer's Ordinary Shares outstanding. Meritz
Securities Co., Ltd. has shared voting power and shared dispositive power in respect of 0 Ordinary Shares representing 0% of the Issuer's
Ordinary Shares outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 5.&nbsp;&nbsp;Ownership of Five Percent or Less of a Class.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">Not applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 6. Ownership of More Than Five Percent on Behalf of Another
Person.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">Not applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 7.&nbsp;&nbsp;Identification and Classification of the Subsidiary
Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">Not applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 8.&nbsp;&nbsp;Identification and Classification of Members
of the Group.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">Not applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 9.&nbsp;&nbsp;Notice of Dissolution of Group.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-weight: normal">Not applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 10.&nbsp;&nbsp;Certifications.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a) By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not
held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired
and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely
in connection with a nomination under &sect; 240.14a&ndash;11.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(b) By signing below I certify that, to the best of my knowledge and
belief, the foreign regulatory scheme applicable to a broker entity authorized by the Financial Services Commission in the Republic of
Korea is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake
to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURE</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">After reasonable inquiry and to the best of my
knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated: May 13, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><B>MERITZ SECURITIES CO., LTD.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Chang Wonjae</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 7%">Name:</TD>
    <TD STYLE="width: 40%">Chang Wonjae</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>CEO</TD></TR>
  </TABLE>





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