Merger ESSCU

East Stone Acquisition Corporation Announces Business Combination with ICONIQ Holding Limited and Termination of JHD Holdings

, SPAC Research

East Stone Acquisition Corporation (Nasdaq: ESSC), a publicly traded special purpose acquisition company, and ICONIQ Holding Limited (“NWTN”) announced today that they have entered into a definitive Business Combination Agreement.

Upon consummation of the two mergers and the other transaction contemplated by the Business Combination Agreement, NWTN, Inc., a newly formed subsidiary 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 in Dubai, the United Arab Emirates (UAE), NWTN is a green mobility technology company which defines the Smart Passenger Vehicle (“SPV”) as a vehicle concept emphasizing AI technologies, autonomous driving and personalized passenger experience. NWTN’s core technology advantages are characterized by modular pure electric platform, digital on-board connectivity system, continuously-upgraded electric and electronic architecture as well as autonomous driving technology. All these technical elements, along with unique design language, contribute to NWTN’s vision of passenger-centric experience. NWTN’s primary target consumers are technology-savvy families and businesses who are becoming increasingly environmentally-conscious. Its first model SEVEN and second model MUSE have received industrywide recognition at various global auto shows.

NWTN’s Founder and Chairman, Alan Wu, is expected to continue to lead Pubco after the closing of the Business Combination.

Prior to the execution of this business combination agreement, East Stone has terminated its previously announced business combination agreement with JHD Holdings (Cayman) Limited.

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