Redwoods Acquisition Corp. (NASDAQ:RWOD) announced in a 425 filing that it has signed an agreement of intent to combine with material technology company Xin Bo Xing.
The parties intend to arrange a PIPE for the transaction involving several private funds and the combined company would be listed on the Nasdaq, according to the filing.
Xin Bo Xing (also spelled Xinboxing elsewhere in the document) is focused on developing precision casting technology using titanium and zirconium alloys. It also produces products for clients under an original design manufacturing (ODM) model, which is common in the Chinese manufacturing space.
Under this model, the supplier, in this case Xin Bo Xing, owns the design for the product and the customer can either take this design as is or tweak it slightly while putting their own logo and aesthetics on it.
Western and multinational manufacturers more commonly use the original equipment manufacturer (OEM) model, where they build parts to client’s specifications. But, such an approach requires greater resources and flexibility in both the company’s R&D and machining capabilities.
The filing includes little additional detail on Xin Bo Xing other than it possesses about 100 national patents. The company also does not appear to have a web presence – at least not in English.
Redwoods is led by CEO Jiande Chen who serves on the board IMAX China (HKG:1970), which is the national licensee of the IMAX cinematic technology, and the Beijing Cultural Investment Development Group (SH:600715).
The SPAC’s CFO Edward Cong Wang also serves as CEO of Pacifico Acquisition Corp. (NASDAQ:PAFO) and the two SPACs share a director in common.
Pacifico is currently in an unusual situation, working to close its combination with shipping technology company Caravelle after all but 25,079 of its shares were redeemed at its November 30 completion vote. It has since made a contribution to its trust to extend its deadline, giving it technically a $33.32 per share in trust value, but shareholders will be unable to redeem further.
Redwoods will be hoping to avoid such a limbo situation and has until April 4, 2023 under its initial deadline with the ability to extend by three months twice via a contribution to the trust.
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