East Stone Acquisition and green mobility tech company ICONIQ plan to merge at a post-combination valuation of $2.5 billion.
Headquartered in Dubai, ICONIQ is smart electric vehicle company “which aims to integrate avant-garde design, life-style personalization, IoT connectivity, and autonomous driving technology into “a passenger-centric green premium mobility solution to the world,” according to a news release announcing the deal.
There were no further details in the news release outlining transaction terms. East Stone raised $100 million in a February 2020 IPO, although the SPAC’s current market capitalization is about $80.4 million according to Nasdaq data.
East Stone also disclosed it has terminated a long-gestating business combination agreement with JHD Holdings, a China-based provider of retail payment solutions. Read more.
