Redwood Acquisition said shareholders will now meet today to vote on a business combination with Anew Medical. The vote was originally scheduled for March 8, postponed to March 22, adjourned until April 1 and postponed again on April 8. The SPAC said it continues to solicit proxies.
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.
