East Stone Acquisition in a regulatory filing called an Aug. 22 meeting for shareholders to vote on whether to grant the SPAC a deadline extension. East Stone said it needs more time to finalize its proposed merger with green mobility tech company ICONIQ.
The $2.5 billion deal was announced in April. Since then the SPAC has secured $400 million in PIPE financing to supplement its cash in trust.
ICONIQ is based in Dubai.
East Stone raised $100 million in a February 2020 IPO. The SPAC’s previous acquisition target, JHD Holdings, loaned East Stone $2.76 million for two deadline extensions last year on that aborted deal, according to the latest filing. Read more.
