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East Stone Acquisition Corporation (Nasdaq: ESSC) adjourned its special shareholder meeting initially set for November 7, 2022, to 3:00 p.m. ET on November 8, 2022. This meeting will address shareholder votes on the proposed business combination with NWTN Inc.. As of the redemption deadline on November 3, 2022, East Stone recorded redemption requests for 3,111,717 ordinary shares, which accounts for approximately 95.98% of its publicly held shares. Shareholders are encouraged to review the upcoming definitive proxy statement regarding these significant transactions.
East Stone Acquisition Corporation (Nasdaq: ESSC) has filed a merger proxy statement with the SEC to proceed with its business combination with NWTN Inc., a smart electric vehicle company. The special meeting for shareholders is scheduled for November 7, 2022, at 9:00 AM Eastern Time. Shareholders as of October 4, 2022 are eligible to vote. CEO Xiaoma Lu expressed confidence in the merger, citing NWTN's vision for the automobile industry. Shareholders must request share redemptions by November 3, 2022. The merger could significantly impact the future of electric vehicle innovation.
On April 15, 2022, East Stone Acquisition Corporation announced a Business Combination Agreement with ICONIQ Holding Limited to create NWTN Inc., valuing the new entity at $2.5 billion. Subsequent private placements, the April PIPE and June PIPE, each raised $200 million for NWTN. The company aims to innovate in smart electric vehicles, focusing on design, IoT connectivity, and autonomous features. The completion of the Business Combination is subject to regulatory approvals and other customary closing conditions.
