Oak Woods Acquisition Corporation (OAKU) to Combine with Huajin in $250M Deal
by Nicholas Alan Clayton on 2023-08-14 at 8:43am

Oak Woods (NASDAQ:OAKU) announced in an 8-K this morning that it has entered into a definitive agreement to combine with Huajin at a valuation of $250 million.

Transaction Overview

Oak Woods has about $58.5 million in its trust with a transaction deadline coming up on September 28. Huajin is to pay Oak Woods $330,000 within 15 days, a portion of which is to be used on extension contributions and incentives as well as operating expenses.

The two parties have agreed to make their best efforts at arranging a PIPE of unspecified size for the deal.

Huajin is to be valued at $250 million in issued shares, minus the company’s net debt. Oak Woods must maintain more than $5 million in order for the deal to close, and Huajin is to pay the SPAC a $2 million breakup fee if the deal is terminated under some conditions.

Both the company and sponsor have agreed to a one-year lock-up, but the sponsor may begin trading shares if the company trades at or above $12 for 20 of 30 trading days at least 150 days out from close.

The combined company will have a Board of five directors at close, three of which will be appointed by Oak Woods.


Quick Takes: Very little information has been released thus far on this combination and the gaps in information currently include a basic description of the company.

Oak Woods has also operated with a relatively thin staff. Lixin Zheng has worn the CEO, CFO and Chairman hats since the SPAC’s March IPO. He brings experience from managing the Hong Kong-listed Ajisen (HK:0538) fast casual restaurant chain and previously took Rinpak Technology public on the Taipei exchange.

The SPAC’s Board also includes the NYSE’s youngest-ever floor trader, Lauren Simmons, and Mitchell Cariaga, who initially served as an independent director for Brilliant Acquisition Corporation but resigned in February 2022.

Keeping with the theme, Oak Woods did not elaborate on its strategy in great detail in its S-1, but noted that it was most interested in combining with a medical services or healthcare target with strong ESG qualities.

As with the time zones, many times investors have to wait a little longer on details involving Asian deals, and this is no exception.

 

Oak Woods Acquisition Corporation (OAKU) to Combine with Huajin in $250M Deal
Recent Posts
by Nicholas Alan Clayton on 2025-07-14 at 12:51pm

Cayson Acquisition Corp. (NASDAQ:CAPN) has entered into a definitive agreement to combine with boutique investment firm Mango Financial for $300 million in equity consideration. Hong Kong-based Mango provides a range of M&A and equity capital markets advisory services to clients considering listings in China and the US. The combined company is expected to trade on...

by Nicholas Alan Clayton on 2025-07-14 at 11:13am

Trailblazer (NASDAQ:BLZRU) has filed for a $200 million SPAC to bring a first-time team to market with serial sponsor terms. The new SPAC is offering investors a 1/3 warrant in each unit and it is the first SPAC filed so far this month with 24 months on its initial transaction clock. All other July SPACs...

by Kristi Marvin on 2025-07-14 at 9:19am

This week, we speak with Kyivstar CEO Oleksandr Komarov about the company’s $2.2 billion dollar combination with Cohen Circle Acquisition Corp. I (NASDAQ:CCIR). Few companies have been had to forge themselves in the flames recently quite like Ukraine’s leading telecom and digital services provider Kyivstar. Now, Kyivstar is not only telling that story but pitching it to...

by Nicholas Alan Clayton on 2025-07-14 at 8:30am

At the SPAC of Dawn The market still has one full trading session before it adds Tuesday’s Core CPI reading and a variety of Fed comments to messaging it is already ingesting on US President Donald Trump’s ever-shifting tariff policy. SPACs are meanwhile continuing on with business as usual, with Cayson (NASDAQ:CAPN) announcing the third...

by Kristi Marvin on 2025-07-12 at 10:02am

Terms Tracker for the Week Ending July 11, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. One more IPO priced this week bringing July’s total to 8. However, there are still three more weeks left in the month so that number...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved