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.
Considerations for Creating Shareholder Value in a Volatile Market Join us for a virtual panel on December 14, 2022 The current trends of rising interest rates and inflationary cost increases, among other things, have imposed downward pressures on publicly traded equity prices, especially for businesses that became publicly traded via a de-SPAC merger. Please...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Virgin Galactic appoints new top lawyer, Trump Media SPAC rises after investors approve merger deadline extension, and Al Maadeed to be first Qatari to list company on NYSE Virgin Galactic, Preparing for Liftoff,...
PMV Consumer (OTC PINK:PMVC) announced that it is redeeming all non-insider public shares for approximately $10.09 per share, but it will not be dissolving just yet. The SPAC is set to provide written redemption notices to each shareholder and trust proceeds are to be distributed within 30 days of these notices. PMV Consumer will then...
Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. Latest SPAC News: Ex-Marvel chief takes the wheel at Arrival, Paysafe plans reverse stock split, and Dave Inc. to pursue a bank charter Founder of troubled electric van maker Arrival steps aside as CEO The founder...
Digital World (NASDAQ:DWAC) announced late Wednesday that its shareholders have approved amending its charter to allow for automatic three-month extensions of its transaction deadline until September 8, 2023. This brings to close a long drama during which Digital World adjourned the vote without concluding business six times at different meetings in September, October and November....