East Stone Acquisition filed a preliminary proxy on its proposed merger with JHD Holdings, although the SPAC did not include a date for the shareholder vote.
The deal deadline was extended in August for a second time after the SPAC’s sponsor, Double Venture Holdings, deposited another $1.38 million into trust — the same amount the sponsor deposited after the first extension in May.
East Stone now has until Nov. 24 to close the deal with JHD, although a third deadline extension is possible under the terms the SPAC has with its sponsor.
Announced in February, terms call for the combined company to issue $1 billion in shares to the selling parties, with 10 percent of those shares subject to an earn-out and escrowed under the terms of the agreement.
JHD Holdings is a merchant enablement platform serving lower-tier cities in China. Read more.