East Stone Acquisition corrected its April 16 press release to reflect that the pending deal with ICONIQ represents a pre-combination valuation of $2.5 billion at closing. The original announcement referred to the valuation as “post-combination.”
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 latest or the original 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. Read more.
