Oak Woods Acquisition in an 8-K said it signed a merger agreement with Huajin Holdings Limited at a $250 million valuation.
While Huajin is a China-based company, it is incorporated in the Cayman Islands. The SPAC’s 8-K filing did not elaborate on the target’s line of business, nor is online information about Huajin readily available.
Terms call for the SPAC to hold at least $5 million in trust to close the deal, while Huajin would be on the hook under certain circumstances for a $2 million breakup fee if the transaction is terminated.
Oak Woods raised $57.5 million in a March IPO to target high-growth technology companies in the Asia-pacific region that are engaging in the public and private healthcare, medical services and technology-enabled healthcare services sectors. The SPAC intends to raise a PIPE to supplement its cash in trust. Read more.
