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East Stone Acquisition Corporation (Nasdaq: ESSCU) announced an Extension Payment of $1,380,000 to extend the deadline for its business combination with JHD Holdings by three months, now set for August 24, 2021. This is the first of up to two permitted extensions. JHD, on behalf of East Stone’s sponsor, provided the loan, which is non-interest bearing and will be repaid upon the merger’s completion. The transaction awaits shareholder approval and regulatory confirmations, with completion expected by Q3 2021.
East Stone Acquisition Corporation (Nasdaq: ESSCU) announced an extension of the deadline for completing its business combination with JHD Holdings from May 24, 2021, to August 24, 2021. This extension was requested by the sponsor, Double Venture Holdings Limited, which will deposit $1,380,000 into East Stone's trust account to facilitate the extension. The proposed merger with JHD, a merchant enablement platform in China, is expected to finalize by the end of Q3 2021, pending shareholder approval and other customary conditions.
East Stone Acquisition Corporation (Nasdaq: ESSC) has announced a definitive business combination agreement with JHD Holdings (Cayman) Limited, aiming to create JHD Technologies Limited. The deal, valued at $1 billion, is expected to close by Q3 2021, pending shareholder and regulatory approvals. JHD provides merchant enablement services to nearly 90,000 independent retailers in China, focusing on financial inclusion in lower-tier cities. The combined entity plans to list on Nasdaq, with JHD's leadership remaining in place.
