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 Marlena Haddad on 2023-02-02 at 5:54pm

A SPAC I Acquisition Corp. (NASDAQ:ASCA) announced this afternoon that it has adjourned its special meeting to extend its timeline to complete a business combination. The meeting was originally scheduled to be held today, but is now being postponed until February 13 due to a change in terms for its extension. A SPAC I has also extended...

by Marlena Haddad on 2023-02-02 at 11:35am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Mondee acquires Orinter for $40M, Fisker, ChargePoint and Lucid say court decision creates ‘uncertainty’, and Getaround gets delisting warning from NYSE Mondee gains foothold in Brazil with Orinter acquisition  Travel marketplace and technology...

by Marlena Haddad on 2023-02-02 at 10:15am

Latest SPAC Liquidations: Itiquira Acquisition Corp., Biotech Acquisition Company Itiquira Acquisition Corp. (ITQ) to Liquidate on February 14 Itiquira Acquisition Corp. (Nasdaq: ITQ) announced today it intends to dissolve and liquidate at an estimated per-share redemption price of approximately $10.17. The company anticipates that the Public Shares will cease trading as of the close of business on February...

by Nicholas Alan Clayton on 2023-02-02 at 10:14am

Bill Ackman is still tinkering with his SPARCs. In a new S-1/a filed this morning, the Pershing Square founder provided an update to his proposed model that is “not a SPAC”, but that would do some SPAC-like things. In a simple sense, Ackman is seeking change in the order of operations from: find investors, raise...

by Marlena Haddad on 2023-02-01 at 5:35pm

Latest SPAC Liquidations: DTRT Health Acquisition Corp., Seaport Calibre Materials Acquisition Corp. DTRT Health (DTRT) to Liquidate on January 30 On January 30, 2023, the stockholders of DTRT Health Acquisition Corp. (Nasdaq: DTRT) approved an amendment to allow the company to redeem all of its issued and outstanding shares of Class A common stock in advance...

Privacy Policy|Terms Of Use
Copyright © 2023 SPACInsider, Inc. All Rights Reserved