East Stone Acquisition in a regulatory filing said it has entered a subscription agreement with an unnamed PIPE investor who will buy $200 million in stock. This is the SPAC’s second $200 million PIPE since the deal was announced in April.
The funds would support the SPAC’s proposed acquisition of Dubai-based ICONIQ, an electric vehicle company.
The deal has a post-combination valuation of $2.5 billion. A confidential F-4 was filed earlier this month with the SEC.
Financing details have been scarce on this deal. East Stone raised $100 million in a February 2020 IPO, although the SPAC’s current market capitalization is about $72.83 million according to the most recent Nasdaq data. Read more.
