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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 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 pure modular 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.
Commenting on today’s announcement, NWTN’s Founder and Chairman, Alan Wu, said, “NWTN was born with a mission to bring a passenger-centric green premium mobility solution to the world. To achieve this objective, our experienced international team and reputable strategic partners have been working relentlessly on our SPVs, a segment with remarkably untapped market potential where NWTN continues to lead.”
“In NWTN we have found a company that has the vision, courage and talent to change the automobile industry. We believe that NWTN’s insights on the value of the passenger-centric experience will drive NWTN into a blue ocean market with enormous opportunity, functioning as the hub of future intelligent mobility life,” said Xiaoma “Sherman” Lu, Chief Executive Officer of East Stone.
The boards of directors or similar governing bodies of NWTN and East Stone have approved the proposed Business Combination, subject to, among other things, the approval by East Stone’s shareholders of the proposed Business Combination, satisfaction of the conditions stated in the Business Combination Agreement and other customary closing conditions, including that the US Securities and Exchange Commission (the “SEC”) completes its review of the proxy statement/prospectus relating to the proposed Business Combination, the receipt of certain regulatory approvals, and approval by The Nasdaq Stock Market to list the securities of Pubco.
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.
ABOUT NWTN
NWTN is one of the world’s pioneering smart electric vehicle company which aims to integrate avant-garde design, life-style personalization, IoT connectivity, and autonomous driving technology into “a passenger-centric green premium mobility solution to the world”, a vision coined by its founder and chairman Mr. Alan Wu, who has defined this Smart Passenger Vehicle (“SPV”) vehicle concept for the global automobile industry.
ABOUT EAST STONE
East Stone Acquisition Corporation (NASDAQ:ESSC) is a blank check company incorporated as a British Virgin Islands business company and incorporated for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation with, purchasing all or substantially all of the assets of, entering into contractual arrangements with, or engaging in any other similar business combination with one or more businesses or entities.
ADDITIONAL INFORMATION
Pubco intends to file with the SEC, a Registration Statement on Form F-4 (as may be amended, the “Registration Statement”), which will include a preliminary proxy statement of East Stone and a prospectus in …
Full story available on Benzinga.com
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