East Stone Acquisition, a blank check company formed by East Stone Capital to acquire a fintech business, filed on Friday with the SEC to raise up to $100 million in an initial public offering.
The Burlington, MA-based company plans to raise $100 million by offering 10 million units $10 to command a market value of $129 million. Each unit consists of one share of common stock, one right to purchase one-tenth of a share, and one-half of one redeemable warrant exercisable at $11.50.
East Stone Acquisition was founded in 2018 and plans to list on the Nasdaq under the symbol ESSCU. I-Bankers Securities is the sole bookrunner on the deal.
