SPACInsider Logo
East Stone Acquisition Corp. (ESSC) Adjourns Vote for ICONIQ Deal
by Marlena Haddad on 2022-11-08 at 8:58am

East Stone (NASDAQ:ESSC) announced this morning that yesterday’s special meeting to approve its combination with EV-maker ICONIQ has been adjourned to today, November 8, at 3:00 p.m.

The SPAC did not disclose why the meeting was adjourned, but as of the redemption deadline on November 3, East Stone had received requests to redeem a total of 3,111,717 ordinary shares. If all of these requests are satisfied, this would remove 95.98% of East Stone’s trust.

East Stone announced its $2.5 billion combination with ICONIQ on April 18, 2022. ESCC started off by bringing in an estimated $33.5 million into the deal through its current trust and originally supplemented this with a $200 million PIPE at $10.26 per share from an unnamed investor. The SPAC was able to secure a total of four PIPE rounds for the deal, but terminated two of those four subscriptions in September, bringing the total PIPE proceeds to $400 million.

The Chinese ICONIQ electric car brand is headquartered in Dubai, with four vehicle models under development.

 

Recent Posts
by Nicholas Alan Clayton on 2022-12-09 at 11:56am

Better World (NASDAQ:BWAC) has entered into a definitive agreement to combine with Heritage Distilling at an enterprise value of $122.2 million. Gig Harbor, Washington-based Heritage produces craft whisky, vodka, rum, gin, and canned cocktails, which it sells primarily through casinos and its owned tasting rooms in the Pacific Northwest. The combined company is expected to...

by Marlena Haddad on 2022-12-09 at 11:44am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Southland awarded $70M contract for Denver International Airport expansion project, and Bakkt reduces 15% of employee base Southland Awarded $70 Million Denver International Airport West Gates Pond Expansion Project Southland Holdings, LLC (“Southland”)...

by Marlena Haddad on 2022-12-09 at 11:09am

Altitude Acquisition Corp. (NASDAQ:ALTU) announced this morning that it has signed a non-binding letter of intent (LOI) to combine with a global medical device manufacturer. The SPAC originally teased this deal on October 4, the same day as its redemption deadline, when it announced it was in negotiations to sign a LOI with the medical device...

by Marlena Haddad on 2022-12-09 at 9:48am

InterPrivate II (NYSE:IPVA) disclosed this morning that its shareholders have approved its business combination with car-sharing marketplace Getaround during a special meeting held on Wednesday, December 7. The combined company raised approximately $228 million in gross proceeds through the deal, including the amounts retained in InterPrivate II’s trust account, the conversion of approximately $37.5 million of...

by Marlena Haddad on 2022-12-09 at 9:35am

10X Capital Venture Acquisition Corp. III (NYSE:VCXB) included in an 8-K this morning that it has signed a non-binding letter of intent (LOI) to combine with Sparks Energy. Sparks is a leader in storm response and energy restoration management with qualified crews for overhead and underground distribution, transmission, substation and row operations. However, the 8-K mainly...

Privacy Policy|Terms Of Use
Copyright © 2022 SPACInsider, Inc. All Rights Reserved