East Stone Acquisition today in a press release said its shareholder meeting scheduled yesterday has been postponed until 3 p.m. today.
Shareholders are expected to vote on a proposed merger with EV maker NWTN and its principal subsidiary, ICONIQ.
While no reason was given for the delay, East Stone disclosed that as of Nov. 3 nearly 96% of shares had been presented for redemption.
The SPAC has $400 million in PIPE commitments to go with its remaining cash in trust. East Stone initially had $33.5 million in cash.
NWTN aims to integrate avant-garde design, life-style personalization, IoT connectivity, and autonomous driving technology.
At announcement in April the deal was valued at $2.5 billion.
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.
