Electric vehicle company Iconiq Motors entered into a definitive business combination agreement with special purpose acquisition company East Stone Acquisition Corporation (Nasdaq: ESSC). The transaction values the combined company at an enterprise value of US$2.5 billion.
While no details have been shared yet about the transaction, the companies said that the proposed merger has been approved by both boards and will now be up for approval by the SPAC’s shareholders. Iconiq Motors Founder and Chairman Alan Wu is expected to lead the resulting merger.
Headquartered in Dubai, the carmaker touts its ‘smart passenger vehicle’ concept that combines AI technologies, autonomous driving, and personalized passenger experiences. It has so far unveiled two car models, Seven and Muse.
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The black check firm, on the other hand, completed its US$138 million IPO in February 2020. According to its prospectus, it intended to focus its search for target firms primarily operating in the financial technology space in North America and Asia-Pacific.
East Stone Acquisition last traded at US$10.29 on the Nasdaq.
Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
