East Stone Acquisition in an 8-K filing said it has signed a subscription agreement with an unnamed investor for a PIPE of $200 million. Funding will go toward the SPAC’s merger deal with Dubai-based ICONIQ, an electric vehicle company.
The SPAC also secured a $200 million PIPE in June and a like amount in April, bringing the total subscription to $600 million.
The deal has a post-combination valuation of $2.5 billion.
East Stone shareholders later this month are expected to vote on a deadline extension proposal that would give the SPAC until Feb. 24, 2023 to close its deal with ICONIQ.
This will be East Stone’s third attempt to reach the altar after terminating a deal with JHD Holdings in April and calling off a deal with Ufin Holdings before that. Read more.
