East Stone Acquisition in a regulatory filing said it has secured another PIPE of $200 million to support its merger with Dubai-based ICONIQ, an electric vehicle maker. The SPAC also disclosed that it terminated two of its four PIPE subscriptions agreements totaling $400 million, leaving $400 million in PIPE commitments to go with its $33.5 million in trust.
The SPAC said it is continuing to discuss potential alternative forms of partnership with the investor in one of the two terminated PIPE agreements.
The SPAC is working to beat a Feb. 24, 2023 outside date 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.