East Stone Acquisition filed a preliminary proxy outling terms of its oft-delayed merger plan with JHD Holdings.
The SPAC’s sponsor Double Venture Holdings has twice deposited $1.38 million into the trust account for deadline extensions since the deal was announced almost a year ago.
The SPAC most recently inked a forward-purchase agreement with certain investors who agreed not to redeem their shares ahead of the merger vote. The proxy does not include a date for the shareholder meeting.
The deal calls for JHD Holdings to receive $1 billion in shares, 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. JHD’s platform provides almost 90,000 independent retailers in China with a suite of services and technologies, including Point-of-Sale (POS), supply chain and logistics, and fintech/payment capability. Read more.
