East Stone Acquisition Corp. (NASDAQ:ESCC) has tacked on yet another $200 million to its PIPE for its combination with EV-maker ICONIQ, bringing the total PIPE now to $600 million.
As background, East Stone brought an estimated $33.5 million into the deal from its current trust and originally supplemented this with a $200 million PIPE at $10.26 per share from an unnamed investor. Subsequently in June, a second investors subscribed for another $200 million at the same terms. This afternoon, a third investors has subscribed for an additional $200 million and again, at the same terms. The SPAC must have at least $5,000,001 in net tangible assets in order to close the deal.
They say good things come in threes and this is East Stone’s third announced 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.
East Stone’s total PIPE size is now $600 million and will be headed to an extension vote on August 22nd, to extend to February 24, 2023.
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.
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