Brief: East Stone Acquisition Corporation Announces Business Combination With ICONIQ Holding Limited

Robo.ai

16/04/2022 11:05

April 16 (Reuters) - East Stone Acquisition Corp  ESSC.O :
    * EAST STONE ACQUISITION CORPORATION ANNOUNCES BUSINESS
COMBINATION WITH ICONIQ HOLDING LIMITED, A PIONEERING SMART
ELECTRIC VEHICLE COMPANY
    * EAST STONE ACQUISITION-UPON CONSUMMATION OF TWO MERGERS,
NWTN,
INC., NEWLY FORMED SUBSIDIARY ( "PUBCO") WILL SEEK TO BE LISTED
ON NASDAQ STOCK MARKET
    * EAST STONE ACQUISITION CORP- OUTSTANDING SHARES OF NWTN
AND EAST
STONE WILL BE CONVERTED INTO RIGHT TO RECEIVE SHARES OF PUBCO
    * EAST STONE ACQUISITION - TRANSACTION REPRESENTS
POST-COMBINATION
VALUATION OF $2.5 BILLION ($2,500,000,000) FOR NWTN UPON
CLOSING, SUBJECT TO ADJUSTMENT
    * EAST STONE ACQUISITION CORP- NWTN'S FOUNDER AND CHAIRMAN,
ALAN
WU, IS EXPECTED TO CONTINUE TO LEAD PUBCO AFTER CLOSING OF
BUSINESS COMBINATION.

Source text for Eikon:  ID:nGNX8ccQ26 
Further company coverage:  ESSC.O 

 ((Reuters.Briefs@thomsonreuters.com;;))