East Stone Acquisition said its shareholders voted in favor of merging with EV maker ICONIQ. The parties closed the deal Nov. 11, the SPAC said today.
Shares and warrants began trading on the Nasdaq today under the symbol NWTN.
ICONIQ will receive $400 in a PIPE investment from institutional investors and strategic partners. East Stone disclosed earlier this month that nearly 96% of shares had already been presented for redemption ahead of the shareholder vote, which was delayed twice last week.
East Stone also made an arrangement with unspecified financial institutions that agreed to not redeem slightly more than 1 million shares.
East Stone CEO and director Xiaoma (Sherman) Lu and director Michael Cashel have joined the company’s board.
Ellenoff Grossman & Schole served as legal advisor to East Stone. Linklaters was legal advisor to ICONIQ. I-Bankers served as financial advisor to East Stone and China Renaissance served as financial advisor to ICONIQ.
Ellenoff Grossman & Schole LLP served as legal advisor to East Stone. Linklaters LLP served as legal advisor to NWTN. I-Bankers served as financial advisor to East Stone and China Renaissance served as financial advisor to NWTN.
