East Stone Acquisition Corp. (ESSC) Adjourns Vote for ICONIQ Deal

East Stone (NASDAQ:ESSC) announced this morning that yesterday’s special meeting to approve its combination with EV-maker ICONIQ has been adjourned to today, November 8, at 3:00 p.m.

The SPAC did not disclose why the meeting was adjourned, but as of the redemption deadline on November 3, East Stone had received requests to redeem a total of 3,111,717 ordinary shares. If all of these requests are satisfied, this would remove 95.98% of East Stone’s trust.

East Stone announced its $2.5 billion combination with ICONIQ on April 18, 2022. ESCC started off by bringing in an estimated $33.5 million into the deal through its current trust and originally supplemented this with a $200 million PIPE at $10.26 per share from an unnamed investor. The SPAC was able to secure a total of four PIPE rounds for the deal, but terminated two of those four subscriptions in September, bringing the total PIPE proceeds to $400 million.

The Chinese ICONIQ electric car brand is headquartered in Dubai, with four vehicle models under development.