Day: April 16, 2022

Burlington, MA and Dubai, UAE, April 16, 2022 (GLOBE NEWSWIRE) — East Stone Acquisition Corporation (Nasdaq: ESSC) (“East Stone”), a publicly traded special purpose acquisition company, and ICONIQ Holding Limited (“NWTN”) announced today that they have entered into a definitive Business Combination Agreement (the “Business Combination Agreement”). Upon consummation of the two mergers and the other transaction contemplated by the Business Combination Agreement (the “Business Combination”), NWTN, Inc., a newly formed subsidiary (the “Pubco”) will seek to be listed on the Nasdaq Stock Market. The outstanding shares of NWTN and East Stone will be converted into the right to receive shares of the Pubco. The transaction represents a post-combination valuation of $2.5 billion ($2,500,000,000) for NWTN upon closing, subject to adjustment. Headquartered...