Burlington, MA, May 24, 2021 (GLOBE NEWSWIRE) – East Stone Acquisition Corporation (Nasdaq: ESSCU), a publicly traded special purpose acquisition company (“East Stone”), today announced that a total of $ 1,380,000 (the “Extension Payment”) was deposited into East Stone’s trust account for its public shareholders. , representing $ 0.10 per public share, which allows East Stone to extend the period of time it has to complete its initial business combination by three months until August 24, 2021 (the “Extension”). The extension is the first of two three-month extensions allowed under East Stone’s constating documents and gives East Stone additional time to complete its proposed business combination with JHD Holdings (Cayman) Limited (“JHD” ) in accordance with the business combination agreement. entered into on February 18, 2021 (the “Business Combination Agreement”).

Pursuant to the business combination agreement, JHD, on behalf of Double Venture Holdings Limited, sponsor of East Stone, loaned the extension payment to East Stone. East Stone issued a promissory note to JHD in the amount of the extension payment. The promissory note loan does not bear interest and will be repaid upon completion of the proposed business combination. The business combination is expected to be completed by the end of the third quarter of 2021, subject, among other things, to the approval of the transaction by East Stone shareholders, to the conditions set out in the combination agreement. definitive companies and other usual fences. conditions, including that the United States Securities and Exchange Commission complete its review of the Proxy Circular / Prospectus relating to the transaction, receipt of certain regulatory approvals and approval by the Nasdaq Stock Market to list the shares of the company resulting from the combination.

About East Stone Acquisition Corporation

East Stone Acquisition Corporation (Nasdaq: ESSC) (“East Stone”) is a blank check company incorporated as a British Virgin Islands trading company incorporated for the purpose of acquiring, engaging in exchange of shares, to reconstruct and merge shares with, to purchase all or substantially all of the assets of, to enter into contractual agreements with or to engage in any other similar business combination with one or more companies or entities. While not confined to any particular industry or geographic region for the purposes of completing an initial business combination, East Stone believes it is uniquely positioned to take advantage of the growing opportunities created by the fintech space in North America and Asia. -Peaceful.

About JHD Holdings (Cayman) Limited

JHD Holdings (Cayman) Limited (“JHD”) is an online and offline merchant activation services platform that provides nearly 90,000 independent retailers in five provinces of China with a full range of services and technologies, including point of sale (POS), supply chain and logistics, and financial technology / payment capability. To enable the financial inclusion of heavily underbanked communities, JHD’s platform has already enabled 3,000 outlets to become licensed financial stations in rural areas, allowing established banks to expand their branch network to serve more consumers. By providing their partner stores with reliable and timely delivery of branded consumer products, JHD provides a reliable supply chain to stores.

Further information

JHD Technologies Limited, a Cayman Islands exempt company (“Pubco”), intends to file with the Securities and Exchange Commission (the “SEC”) a registration statement on Form S-4 (as amended, the “Registration Statement”), which will include a preliminary proxy circular of East Stone Acquisition Corporation, a British Virgin Islands (“East Stone”) trading company, and a prospectus relating to the Combination of proposed undertakings (the “Business Combination”) involving East Stone, JHD Holdings (Cayman) Limited, a Cayman Islands Company (“JHD”), Yellow River MergerCo Limited, a British Virgin Islands Company and a 100% subsidiary % of Pubco, Navy Sail International Limited, a British Virgin Islands company, as representative buyer, Yellow River (Cayman) Limited, a Cayman Islands company, as principal seller and representative of sellers, and others The shareholders of JHD who become parties to it (the “Sellers”) and of Double Ventures Holdings Limited, a British Virgin Islands trading company (the “Limited Partner”) under a business combination agreement (the “ business combination ”). The final proxy circular and other relevant documents will be mailed to East Stone shareholders on a record date to be fixed for voting on East Stone’s initial combination with JHD. EAST STONE SHAREHOLDERS, SELLERS AND OTHER INTERESTED PARTIES ARE INVITED TO READ, WHEN AVAILABLE, THE PRELIMINARY STATEMENT OF PROXY, AND CHANGES TO THIS EFFECT, AND THE FINAL PROXY STATEMENT AS PART OF THE REQUEST OF PROXIES FROM EAST STONE TO THE SPECIAL MEETING HELD TO APPROVE THE COMBINATION OF COMPANIES BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT EAST STONE, JHD, PUBCO AND THE COMBINATION OF COMPANIES. Shareholders will also be able to obtain free copies of the Registration Statement and Proxy Circular / Prospectus from the SEC’s website at www.sec.gov or by directing a request to East Stone by contacting its CFO, Chunyi (Charlie) Hao, c / o East Stone Acquisition Corporation, 25 Mall Road, Suite 330, Burlington, MA 01803, at (781) 202-9128 or [email protected].

No offer or solicitation

This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy securities, nor any sale of securities in any jurisdiction in which the offer, solicitation or sale would be. illegal prior to registration or qualification under the securities laws of such jurisdiction. No offer of securities may be made except by means of a prospectus meeting the requirements of section 10 of the Securities Act of 1933, as amended.

No insurance

There can be no assurance that the proposed business combination will be completed, and there can be no assurance, if the business combination is completed, that the potential benefits of the business combination will materialize. The description of the business combination contained herein is only a summary and is qualified in its entirety by reference to the definitive agreements relating to the business combination, copies of which have been or will be filed by East Stone with the SEC as Exhibits of a Report on Form 8-K.

Participants in the solicitation

East Stone, JHD and Pubco and their respective directors, officers and employees and others may be considered to be participants in the solicitation of proxies from holders of East Stone common shares in connection with the business combination. offers. Information on the directors and officers of East Stone and their ownership of East Stone common shares is presented in East Stone’s annual report on Form 10-K for the fiscal year ended June 30, 2020, which has been filed. with the SEC on September 21, 2020 as amended or supplemented by a Form 3 or Form 4 filed with the SEC since that date. Further information regarding the interests of participants in the proxy solicitation will be included in the proxy circular / prospectus relating to the proposed business combination as soon as it becomes available. These documents can be obtained free of charge from the sources indicated above.

Caution Regarding Forward-Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties regarding the business combination and expected financial performance of JHD, as well as its strategic and operational plans. Actual events or results may differ materially from those described in this press release due to a number of risks and uncertainties. These risks and uncertainties could cause actual results or results to differ materially from those indicated by these forward-looking statements. These risks and uncertainties include, but are not limited to: (1) the occurrence of any event, change or other circumstance that could give rise to the termination of the business combination agreement; (2) the outcome of any legal proceedings that may be brought against East Stone, JHD or others as a result of the announcement of the business combination agreement and the transactions contemplated therein; (3) failure to complete the transactions contemplated by the business combination agreement or any related financial condition due to failure to obtain East Stone shareholder approval; (4) delays in obtaining, unfavorable conditions contained in or inability to obtain the necessary regulatory approvals required to complete the transactions contemplated by the business combination agreement; (5) the risk that the business combination will disrupt current plans and operations as a result of the announcement and completion of the transactions described herein; (6) failure to recognize the expected benefits of the business combination; (7) the ability to obtain or maintain the listing of Pubco’s securities on the Nasdaq stock market following the business combination, including having the required number of shareholders; (8) costs associated with business combinations; (9) changes in applicable laws or regulations; (10) the possibility that JHD will be adversely affected by other economic, business and / or competitive factors; and (11) other risks and uncertainties indicated from time to time in documents filed with the SEC by East Stone or Pubco.

Contact

East Stone Acquisition Company
Xiaoma (Sherman) Lu
25 Mall Road, Suite 330
Burlington, MA 01803
[email protected]



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