Redwoods Acquisition, a blank check company targeting the carbon neutral and energy storage sectors, raised $100 million by offering 10 million units at $10. Each unit consists of one share of common stock, one right to receive one-tenth of a share upon the completion of an initial business combination, and one warrant, exercisable at $11.50. The trust will be initially overfunded at $10.10 per unit.
Redwoods Acquisition is led by CEO and Director Jiande Chen, the former CEO of IMAX China Holding (HKEx: 1970), and CFO and Director Edward Wang, the Managing Partner of The Balloch (Holding) Group. The company plans to target the carbon neutral and energy storage sectors, focusing on opportunities with enterprise values of approximately $250 million to $1 billion. It will not target opportunities in China.
Wang also currently serves as the CEO of Pacifico Acquisition (PAFO), which has a pending merger with carbon-neutral ocean technology company Caravelle.
Redwoods Acquisition plans to list on the Nasdaq under the symbol RWODU. Chardan Capital Markets acted as sole bookrunner on the deal.
