There has been no shortage of excitement in a few low float tickers these past few weeks.
Whether it has been $IPOD $IPOF or $ATER, retail traders seeking a thrill have certainly found it.
Speculation is an exciting area for retail traders who love a good lotto.
It seems FinTwit has found their latest target for big gains: $ESSC.
East Stone Acquisition Corp, also known as $ESSC, has a 3M Float with options and an impressive Short Interest of over 20%.
Iconiq motors just entered a deal with ESSC to bring the company public.
East Stone Acquisition Corporation (Nasdaq: ESSC) (“East Stone”), a publicly traded special purpose acquisition company, and ICONIQ Holding Limited (“NWTN”) announced today that they have entered into a definitive Business Combination Agreement (the “Business Combination Agreement”). Upon consummation of the two mergers and the other transaction contemplated by the Business Combination Agreement (the “Business Combination”), NWTN, Inc., a newly formed subsidiary (the “Pubco”) will seek to be listed on the Nasdaq Stock Market. The outstanding shares of NWTN and East Stone will be converted into the right to receive shares of the Pubco. The transaction represents a post-combination valuation of $2.5 billion ($2,500,000,000) for NWTN upon closing, subject to adjustment.
The brainchild of Chinese entrepreneur Alan Wu and Ralph Debbas, ICONIQ Motors was established in 2016 with the long-term goal of developing accessible, electric passenger vehicles of the future to satisfy burgeoning demand from the world’s number one electric vehicle (EV) market and beyond.
“In NWTN we have found a company that has the vision, courage and talent to change the automobile industry. We believe that NWTN’s insights on the value of the passenger-centric experience will drive NWTN into a blue ocean market with enormous opportunity, functioning as the hub of future intelligent mobility life,” said Xiaoma “Sherman” Lu, Chief Executive Officer of East Stone.
The stock is currently trading much higher today due to the excitement and attention it is receiving on social media.
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