East Stone Acquisition Files Proxy on Oft-Delayed JHD Holdings Merger

East Stone

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.

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