Maywood Acquisition, a blank check company targeting areas with large unmet demand, raised $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.
The Albany, NY-based company 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 in 2023 (OTC: HAIAF); the SPAC is pending a merger with Chinese online insurance brokerage Leading Group.
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.
Maywood Acquisition plans to list on the Nasdaq under the symbol MAYAU. Cohen & Company Securities and Seaport Global acted as joint bookrunners on the deal.
