Redwoods Acquisition closed its initial public offering of 10 million units. Each consists of one share, a warrant to purchase a share at $11.50 and one right to receive one-tenth of a share upon the completion of a deal.
Units trade on the Nasdaq under the ticker symbol RWODU. After the securities begin separate trading, stock, warrants and rights are expected to be listed under the symbols RWOD, RWODW and RWODR, respectively.
Chardan was sole book-running manager of the offering. The underwriters have a 45-day option to purchase up to an additional 1.5 million units to cover over-allotments, if any.
The SPAC’s acquisition focus is on carbon neutral, energy storage and related sectors, excluding companies in China, Hong Kong and Macau. Read more.
