East Stone Acquisition Corp. (NASDAQ:ESCC) has tacked on another $200 million to its PIPE for its combination with EV-maker ICONIQ, bringing the total PIPE to $400 million.
As background, East Stone brought an estimated $33.5 million into the deal from its current trust and supplemented this with a $200 million PIPE at $10.26 per share from an investor. The SPAC must have at least $5,000,001 in net tangible assets in order to close the deal. The additional $200 million PIPE comes from a second investor and has the same terms as the initial PIPE.
East Stone is hoping that the third time is the charm through its business combination with ICONIQ as it terminated its two previous combinations. East Stone’s first announcement with Ufin Holdings was quietly dropped in favor of a merger with Chinese merchant fintech firm JHD Holdings, which it also terminated.
Nonetheless, getting together any kind of PIPE in the current market is impressive, but to get $400 million together at roughly the SPAC’s estimated pro rata trust value of $10.27 is doubly so.
East Stone initially announced the $2.5 billion combination with ICONIQ on April 18. The Chinese ICONIQ electric car brand is now headquartered in Dubai, with four vehicle models under development.
Athena Consumer Acquisition Corp. (NYSE:ACAQ) announced this afternoon that its stockholders approved its combination with German EV-maker e.GO at a special meeting held earlier today. Additionally, Athena Consumer’s warrant proposal to convert all outstanding warrants to 0.175 shares in the combined company was also approved. A total of 884,880 shares of Athena Class A Common...
October is set to be a quiet month for lock-up expirations with only four de-SPACs and four sponsors now open to trade their shares for the first time. The first customer is Bitdeer Technologies. Its shareholders and the Blue Safari sponsor both stand to gain the most out of this group from moving some of...
Graf Acquisition Corp. IV (NYSE:GFOR) announced in an 8-K this afternoon that its shareholders approved its combination with NKGen Biotech at a special meeting September 25. A total of 3,386,528 shares were redeemed in connection with the vote, leaving Graf IV with about $27.6 million in the tank and a final redemption rate of 84.3%....
Anzu Special Acquisition Corp I (NASDAQ:ANZU) has closed its combination with Envoy Medical and its shares and warrants are to begin trading on the Nasdaq under the symbols “COCH” and “COCHW” on October 2. The SPAC secured shareholder approval on September 27 and still has not divulged redemption figures. But, it went into the vote...
Mercato Partners (NASDAQ:MPRA) closed its combination with Brazilian software firm Nuvini this afternoon and its shares and warrants are expected to begin trading on the Nasdaq under the symbols “NVNI” and “NVNIW” on October 2. The combined company will continue to be led by its existing CEO and a seven-member Board including Mercato CEO Dr....