Maywood Acquisition, a blank check company targeting companies operating in areas with large unmet demand, filed on Monday with the SEC to raise up to $75 million in an initial public offering.
The Albany, NY-based company plans to raise $75 million by offering 7.5 million units at $10. Each unit consists of one share of common stock and one right to receive one-fifth of a share upon the completion of an initial business combination. At the proposed deal size, Maywood Acquisition would command a market value of $104 million.
Maywood Acquisition is led by CEO, CFO, and Chairman Zikang Wu, who is the founder and President of corporate risk and compliance services firm First Cover. Wu was previously the CEO, CFO, and Chairman of Healthcare AI Acquisition (OTC: HAIAF; pending merger with Leading Group) for several months in 2023. Maywood Acquisition plans to target companies with favorable sector and market dynamics including large unmet demand, which may drive organic growth with additional opportunities for add-on acquisitions.
The Albany, NY-based company was founded in 2024 and plans to list on the Nasdaq under the symbol MAYAU. Cohen & Company Securities is the sole bookrunner on the deal.
