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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.
On June 7, 2022, East Stone Acquisition Corporation (ESSC) submitted a draft registration statement to the SEC regarding its business combination with NWTN, a smart passenger vehicle manufacturer. Upon completion, NWTN will become the publicly traded entity. The transaction requires regulatory and shareholder approval, and there are no guarantees of completion or realization of anticipated benefits. The definitive proxy statement and additional information regarding the business combination will be available once filed with the SEC.
East Stone Acquisition Corporation (Nasdaq: ESSCU) announced it received a compliance notice from Nasdaq due to not filing its Quarterly Report on Form 10-Q for Q1 2022 on time. The Company has until August 1, 2022, to submit the report to regain compliance, following a 60-day grace period after June 1, 2022. If the Form 10-Q isn't filed by this deadline, Nasdaq may initiate delisting procedures. The Company is working diligently to complete the filing and has made no assurances of regaining compliance with Nasdaq's requirements.
East Stone Acquisition Corporation (Nasdaq: ESSC) and ICONIQ Holding Limited (NWTN) have entered into a Business Combination Agreement, aiming for NWTN, Inc. to be listed on Nasdaq. The merger values NWTN at $2.5 billion. NWTN focuses on innovative green mobility technology, emphasizing AI, autonomous driving, and personalized passenger experiences. The change follows the termination of a previous agreement with JHD Holdings. Shareholder approval and regulatory clearances are required for the merger to proceed.
East Stone Acquisition Corporation (Nasdaq: ESSCU) has deposited $1,380,000 into its trust account, allowing for a three-month extension for its initial business combination with JHD Holdings (Cayman) Limited. This Extension Payment, amounting to $0.10 per share, extends the deadline to November 24, 2021. The loan for this payment is non-interest bearing and will be repaid upon closing the business combination, subject to various regulatory approvals and shareholder consent.
East Stone Acquisition Corporation (Nasdaq: ESSCU) has announced an extension for completing its business combination with JHD Holdings (Cayman) Limited from August 24, 2021, to November 24, 2021. The extension was requested by its sponsor, Double Venture Holdings Limited, which will deposit $1,380,000 into East Stone's trust account by the new deadline. This additional time aims to facilitate the merger with JHD, an innovative merchant enablement platform serving lower-tier cities in China.
East Stone Acquisition Corporation (Nasdaq: ESSCU) received a Notice from Nasdaq for failing to file its Quarterly Report on Form 10-Q for Q1 2021 on time. The Notice indicates non-compliance with Nasdaq's listing requirements. An extension period under Rule 12b-25 expired on May 24, 2021. The company must file its Form 10-Q by July 27, 2021, to regain compliance. Nasdaq may grant an Additional Period but may initiate delisting procedures if the filing is not completed. The company is working to file the Form 10-Q promptly, though there are no guarantees for compliance.
