East Stone Acquisition Corporation (NasdaqCM:ESSC) announced a private placement of an unsecured promissory note for gross proceeds of up to $500,000 on February 23, 2021. The transaction included participation from Chunyi (Charlie) Hao, the Chairman of the Board of Directors and Chief Financial Officer of the company. The note bears no interest and is repayable in full upon the earlier of consummation of the company’s initial business combination and its winding up. The note may also be converted into units at a price of $10 per unit at the option of the holder of the note upon the consummation of the company’s initial business combination. The principal amount of this note may be drawn down from time to time until the date on which the company consummates its initial business combination, upon written request from company to investor.