Oak Woods Acquisition Corporation Announces Pricing of $50,000,000 Initial Public Offering

Rhea-AI Summary

Oak Woods Acquisition Corporation has priced its initial public offering of 5,000,000 units at $10.00 per unit, set to begin trading on Nasdaq under the ticker symbol OAKUU starting March 24, 2023. Each unit includes one Class A ordinary share, one redeemable warrant, and a right to receive one-sixth of a Class A ordinary share upon a successful business combination. EF Hutton is the sole book-running manager for the offering, with a 45-day option for the underwriter to buy an additional 750,000 units. The offering is expected to close on March 28, 2023, subject to customary conditions.

Positive

• Successful pricing of initial public offering at $10.00 per unit.
• Listing on Nasdaq under the ticker symbol OAKUU enhances visibility and access to investors.
• Opportunity for business combination targeting technology-enabled healthcare services in the Asia-Pacific region.

Negative

• Offering dependent on market conditions and customary closing conditions.
• No guarantees on completing the business combination as intended, as noted in the forward-looking statements.

ONTARIO, CANADA, March 23, 2023 (GLOBE NEWSWIRE) -- Oak Woods Acquisition Corporation (the "Company") announced today that it priced its initial public offering of 5,000,000 units at $10.00 per unit. The units will be listed on Nasdaq and will begin trading tomorrow, March 24, 2023, under the ticker symbol "OAKUU". Each unit consists of one Class A ordinary share, one redeemable warrant and one right to receive one-sixth (1/6) of a Class A ordinary share upon the consummation of an initial business combination. Each redeemable warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A ordinary shares, rights and warrants will be traded on Nasdaq under the symbols “OAKUO,” “OAKUR” and “OAKUW,” respectively.

EF Hutton, division of Benchmark Investments, LLC (“EF Hutton”), is acting as the sole book running manager for the offering. The Company has granted the underwriter a 45-day option to purchase up to an additional 750,000 units at the initial public offering price to cover over-allotments, if any. The offering is expected to close on March 28, 2023, subject to customary closing conditions.

The Company is a newly organized blank check company incorporated as a Cayman Islands exempted company for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Although the Company is not limited to a particular industry or geographic region for purposes of consummating an initial business combination, it intends to focus on businesses that have their primary operations in the technology-enabled healthcare services industry located in the Asia-pacific region. The Company is led by Lixin Zheng, Chief Executive Officer, Chief Financial Officer, Chairman and Director.

RAITI, PLLC is serving as legal counsel to the Company. Ortoli Rosenstadt LLP is serving as counsel to EF Hutton.

The offering is being made only by means of a prospectus. Copies of the prospectus may be obtained, when available, from EF Hutton, Attn: Syndicate Department, 590 Madison Ave., 39th Floor, New York, New York 10022, by telephone at (212) 404-7002, by fax at (646) 861-4697, or by email at syndicate@efhuttongroup.com.

A registration statement on Form S-1 (File No. 333-269862) relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission ("SEC") on March 23, 2023. A final prospectus relating to this offering will be filed with the SEC. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute "forward-looking statements," including with respect to the Company’s initial public offering. No assurance can be given that the offering discussed above will be completed on the terms described, or at all. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and preliminary prospectus for the offering filed with the SEC. Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Company Contact:
Lixin Zheng
Chief Executive Officer, Chief Financial Officer, Chairman and Director
Oak Woods Acquisition Corp.
Email: pr@oakwoodsacquisition.com
Phone: (+1) 403-561-7750

FAQ

When will Oak Woods Acquisition Corporation start trading on Nasdaq?

Oak Woods Acquisition Corporation will begin trading on Nasdaq under the ticker symbol OAKUU on March 24, 2023.

What is included in each unit of Oak Woods Acquisition Corporation's IPO?

Each unit consists of one Class A ordinary share, one redeemable warrant, and a right to receive one-sixth of a Class A ordinary share upon a successful business combination.

What is the purpose of Oak Woods Acquisition Corporation's initial public offering?

The IPO aims to raise capital for entering into a merger or business combination, focusing on technology-enabled healthcare services in the Asia-Pacific region.

What are the risks associated with Oak Woods Acquisition Corporation's IPO?

Risks include reliance on market conditions and the uncertainty of completing the intended business combinations, as outlined in the company's registration statement.