East Stone Acquisition in an 8-K disclosed that it issued a promissory note for $350,000 to merger partner ICONIQ, a Dubai-based electric vehicle company. The SPAC also noted that its shareholders approved a deadline extension until Feb. 24, 2023.
Announced in April, the deal has a post-combination valuation of $2.5 billion.
This is 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.
