Redwoods Acquisition in a regulatory filing said the shareholder meeting to vote on a merger with ANEW Medical has been postponed until March 22. The SPAC said redemption reversals would be honored up to the new meeting date.
The target is an early-stage biotechnology company focused on developing disruptive new therapies to treat neurodegenerative diseases. Omaha, NE-based ANEW currently lists on the OTC Markets under the symbol LEAS.
Terms call for ANEW to receive up to $60 million in stock. Another $50 million in earnout shares would be issued if the company’s srtock hits certain price milestones.
The transaction at deal announcement last May was expected to provide approximately $54 million of cash proceeds, which assumed no redemptions by Redwoods stockholders.
If approved, after closing ANEW MEDICAL expects to list on the Nasdaq.
Redwoods Acquisition is led by Jiande Chen, former CEO of IMAX China. Read more.
