Redwoods Acquisition Corp. (RWOD) Signs Agreement of Intent with Xin Bo Xing
by Nicholas Alan Clayton on 2022-12-16 at 2:53pm

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.

 

Redwoods Acquisition Corp. (RWOD) Signs Agreement of Intent with Xin Bo Xing
Recent Posts
by Nicholas Alan Clayton on 2025-07-03 at 12:54pm

Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...

by Nicholas Alan Clayton on 2025-07-03 at 8:27am

At the SPAC of Dawn One of the biggest sources of uncertainty in the SPAC market in recent years has been regulatory changes, but new shifts could be in its favor. SEC Chairman Paul Atkins told CNBC yesterday that the commission would review the rules for SPACs after “rather controversial” changes to the rules passed...

by Nicholas Alan Clayton on 2025-07-02 at 12:13pm

McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...

by Nicholas Alan Clayton on 2025-07-02 at 8:29am

At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....

by Nicholas Alan Clayton on 2025-07-02 at 6:28am

EQV Ventures II (NASDAQ:EVACU) announced the pricing of its upsized $420 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “EVACU”, Wednesday, July 2, 2025. The new SPAC plans to merge with an energy target involved in upstream exploration or production. EQV II’s management team is led by...

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved