After delaying for 24 hours a shareholder meeting originally set for Monday, East Stone Acquisition today in a regulatory filing said the meeting will be pushed back again, from this afternoon until 2 p.m. tomorrow, Eastern time. Shareholders are expected to vote on a proposed merger with EV maker NWTN and its principal subsidiary, ICONIQ.
Shareholders are expected to vote on a proposed merger with EV maker NWTN and its principal subsidiary, ICONIQ.
While the SPAC has not explained the delays, East Stone did disclose last week that 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. Read more.
