On April 16, East Stone Acquisition Corporation (East Stone for short) announced that it had signed a formal business merger agreement with ICONIQ Holding Limited (NWTN for short). Upon completion of the two mergers and other transactions under the Business Combination Agreement (referred to as the Business Combination), a newly established subsidiary, NWTN Inc., will be listed on Nasdaq, and the outstanding shares of NWTN and East Stone will be converted into The right to obtain shares of listed entities. When this transaction is completed, NWTN's post-merger valuation will be US$2.5 billion (subject to relevant adjustments).

NWTN is headquartered in Dubai, United Arab Emirates. It is a green travel technology company that defines the vehicle concept of "Smart Passenger Vehicle (SPV)" , emphasizing artificial intelligence technology, autonomous driving and personalized passenger experience. NWTN's core technical advantages include modular pure electric platforms, digital in-vehicle interconnection systems, continuously upgraded electronic and electrical architecture, and autonomous driving technology. Leading technical capabilities and a unique design language jointly support NWTN's vision of a "passenger-centric experience." NWTN's main target consumer group is families and businesses who are passionate about technology and have increasing environmental awareness. Its first model Seven and second model MUSE have previously received wide recognition from the industry at major auto shows around the world.

The respective boards of directors or similar governing bodies of NWTN and East Stone have approved the proposed business combination, and the closing of the business combination will require, among other things, the approval of the proposed business combination by all of East Stone’s shareholders. The conditions contained in the business combination agreement and other customary closing conditions, including the completion of the U.S. Securities and Exchange Commission's ("SEC") review of the proxy statement or prospectus relating to the proposed business combination, the receipt of approval from certain regulatory authorities, the Nasdaq The securities market’s approval of the listing of securities of listed entities, etc.

Editor: Du Yu