East Stone Acquisition, which this week has twice delayed a shareholder vote on its proposed merger with EV maker ICONIQ, today in a regulatory filing said it made an agreement with unspecified financial institutions who will not redeem slightly more than 1 million shares in connection with the merger vote.
East Stone agreed to pay each financial institution, out of the business combination closing proceeds, an amount equal to the aggregate redemption price for the shares.
East Stone disclosed last week that nearly 96% of shares had already been presented for redemption.
The SPAC has $400 million in PIPE commitments to go with its remaining cash in trust, which is about $1.4 million.
Shareholders are once again expected to vote on the ICONIQ deal, which has been rescheduled for this afternoon. Read more.
