Intelligent Electric Vehicle Company NWTN Announced to Obtain Another $200 Million PIPE Investment
On April 15, 2022, East Stone Acquisition Corporation, a British Virgin Island business company ("East Stone"), entered into a Business Combination Agreement (the "Business Combination Agreement") providing for the business combination (the "Business Combination") of East Stone and ICONIQ Holding Limited, a Cayman Islands company engaged in the business of developing smart electric vehicles (the "Company"), under a new holding company named NWTN Inc., a Cayman Islands company ( "Pubco" or "NWTN"). The transaction represents a pre-combination valuation of $2.5 billion ($2,500,000,000) for NWTN upon closing.
On April 21, 2022, East Stone and the NWTN have entered into a subscription agreement (the "April PIPE Subscription Agreement") with an investor (the "April PIPE Investor"), pursuant to which, among other things, the NWTN has agreed to issue and sell to the April PIPE Investor, and the April PIPE Investor agreed to subscribe for and purchase, certain ordinary shares of the NWTN for a purchaser price at the lower of (i) $10.26 or (ii) the amount equal to the price at which each ordinary share of East Stone is redeemed or converted pursuant to the redemption (the "Per Share Price") and at an aggregate purchase price of $200,000,000, in a private placement (the "April PIPE").
On June 15, 2022, East Stone and NWTN entered into a subscription agreement (the "June PIPE Subscription Agreement") with a second investor (the "June PIPE Investor"), on substantially the same terms as the April PIPE, pursuant to which, among other things, the NWTN has agreed to issue and sell to the June PIPE Investor, and the June PIPE Investor has agreed to subscribe for and purchase, certain ordinary shares of the NWTN at the Per Share Price for an aggregate purchase price of $200,000,000, in a private placement (the "June PIPE").
The purpose of the June PIPE is to raise additional capital for use by the combined company following the closing of the Business Combination (the "Closing"). The June PIPE Subscription Agreement contains customary representations and warranties of each of East Stone, NWTN and the June PIPE Investor, and customary conditions to closing, including the consummation of the business combination between East Stone and the Company.
领英推荐
ABOUT NWTN?
Headquartered in Dubai, the United Arab Emirates (UAE), 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.