East Stone Acquisition Corporation (NASDAQ:ESSCU), a newly-established blank check company incorporated in the British Virgin Islands, landed a $120 million upsized IPO.
The Massachusetts-based company offered 12 million units — each containing one share and one half a share purchase warrant — at a price of $10 per unit, netting $20 million more than originally planned.
East Stone plans to focus on businesses in the financial sector or businesses providing technological services to the financial sector.
The firm is led by Charlie Hao and Sherman Lu, who founded the private equity firm East Stone Capital in 2017.
Trading opened at $10 on Thursday.
EnVen Energy Corporation (NYSE:EVNN), an oil and natural gas company in Houston, shelved its planned $300 million IPO.
The company is focused on deepwater oil projects in the Gulf of Mexico. It acquires and develops deepwater assets that have untapped, lower-risk drill bit opportunities.
Founded in 2014, the company originally filed to go public in October 2018.
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