Advertisement
Singapore markets closed

  • Straits Times Index

    3,297.55
    -26.98 (-0.81%)
     

  • Nikkei

    38,814.56
    +94.09 (+0.24%)
     

  • Hang Seng

    17,941.78
    -170.85 (-0.94%)
     

  • FTSE 100

    8,146.86
    -16.81 (-0.21%)
     

  • Bitcoin USD

    66,092.74
    -105.82 (-0.16%)
     

  • CMC Crypto 200

    1,372.59
    -45.28 (-3.19%)
     

  • S&P 500

    5,431.60
    -2.14 (-0.04%)
     

  • Dow

    38,589.16
    -57.94 (-0.15%)
     

  • Nasdaq

    17,688.88
    +21.32 (+0.12%)
     

  • Gold

    2,348.40
    +30.40 (+1.31%)
     

  • Crude Oil

    78.49
    -0.13 (-0.17%)
     

  • 10-Yr Bond

    4.2130
    -0.0250 (-0.59%)
     

  • FTSE Bursa Malaysia

    1,607.32
    -2.85 (-0.18%)
     

  • Jakarta Composite Index

    6,734.83
    -96.73 (-1.42%)
     

  • PSE Index

    6,383.70
    -7.13 (-0.11%)
     

Why SPAC Redwoods Acquisition Shares Are Skyrocketing Friday?

Nabaparna Bhattacharya
·1-min read
Why SPAC Redwoods Acquisition Shares Are Skyrocketing Friday?
Why SPAC Redwoods Acquisition Shares Are Skyrocketing Friday?

Redwoods Acquisition Corp. (NASDAQ:RWOD) shares traded higher on Friday after the company announced that shareholders had approved its merger agreement with Anew Medical.

Following the consummation of the transactions, Redwoods will change its name to Anew Medical, the company said in an exchange filing (April 18).

On May 30, 2023, Redwoods Acquisition entered into a business combination agreement with Anew Medical Sub, Inc.

The transaction values the combined company at a pro forma enterprise value of approximately $94.0 million, with existing ANEW stockholders rolling over 100% of their equity into the combined company.

ADVERTISEMENT

The transaction is expected to provide approximately $54 million of cash proceeds, assuming no redemptions by Redwoods stockholders.

According to Benzinga Pro, RWOD stock has lost over 22% in the past year.

Last year, the company received a delinquency notification letter from Nasdaq due to its failure to timely file its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2023.

Price Action: RWOD shares are trading higher by 53.80% to $12.30 at the last check Wednesday.

Image via Shutterstock

"ACTIVE INVESTORS' SECRET WEAPON" Supercharge Your Stock Market Game with the #1 "news & everything else" trading tool: Benzinga Pro - Click here to start Your 14-Day Trial Now!

Get the latest stock analysis from Benzinga?

This article Why SPAC Redwoods Acquisition Shares Are Skyrocketing Friday? originally appeared on Benzinga.com

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.