ANEW MEDICAL, INC. and REDWOOD ACQUISITION CORP. ANNOUNCE CLOSING OF THEIR BUSINESS COMBINATION
ANEW Medical, a biopharmaceutical tech firm focused on CNS and neurodegenerative treatments, and Redwoods Acquisition Corp (RWOD) have finalized their merger. The combined entity will trade on the Nasdaq under 'WENA' and 'WENAW'.
ANEW's CEO, Dr. Joseph Sinkule, highlighted the merger's role in accessing Nasdaq's international investors and advancing their three major platform technologies. RWOD's CEO, Jiande Chen, expressed enthusiasm for ANEW's potential in developing gene therapies for aging-related diseases.
Each ANEW share, previously trading under 'LEAS', will convert to 1/25,000th of a Merger Consideration share, with fractional shares rounded up. Key advisors included Chardan, Cyruli Shanks & Zizmor, Hunter Taubman Fischer & Li, and Loeb & Loeb.
- Completion of merger between ANEW Medical and Redwoods Acquisition Corp.
- Combined company to trade on Nasdaq under 'WENA' and 'WENAW'.
- Enhanced access to Nasdaq's international investor pool.
- Focus on developing three major platform technologies.
- Potential growth in gene therapies for neurodegenerative and aging-related diseases.
- Share conversion might impact existing shareholders' value.
- Fractional shares may lead to rounding up issues.
Insights
The completion of the business combination between ANEW MEDICAL, INC. and Redwoods Acquisition Corp. is a noteworthy development for current and potential investors. The immediate listing on the Nasdaq Global Market under new tickers “WENA” and “WENAW” could increase the company's visibility, potentially attracting a broader investor base.
For investors, it's important to consider the potential benefits of this move. Listing on Nasdaq not only improves liquidity but also can lead to higher valuation due to increased market confidence. However, it's essential to keep an eye on ANEW's financial health and future earnings reports to gauge how well the company capitalizes on this opportunity.
Redwoods, as a Special Purpose Acquisition Company (SPAC), has successfully merged with ANEW and brought it to public markets. SPACs typically face scrutiny over the post-merger performance of their target companies. Investors should monitor ANEW's progress in executing its growth strategies and achieving the milestones mentioned.
Finally, the conversion rate of 1/25,000th of a share for current ANEW shares indicates a significant restructuring and shareholders should understand how this impacts their holdings.
ANEW MEDICAL, INC.'s focus on developing therapies for neurodegenerative diseases and age-related disorders is particularly relevant given the increasing prevalence of these conditions. The innovative approaches in protein, gene and cell therapies, as well as the application of their Nanoject™ technology, place them in a strong position within the biotech sector.
Investors should note the competitive landscape in developing treatments for diseases like Alzheimer’s and Parkinson’s. The success of ANEW's therapies will depend heavily on clinical trial results and regulatory approvals. Therefore, progress in these areas will be a key determinant of the company's long-term value.
The acquisition and development of melanocortin peptides and the Nanoject™ system also present unique opportunities. Successful commercialization of these technologies could open new revenue streams and significantly enhance the company's growth prospects.
ANEW MEDICAL, INC.’s shares and warrants are expected to begin trading on the Nasdaq Global Market under the tickers “WENA” and “WENAW”, respectively.
NEW YORK, NY, June 21, 2024 (GLOBE NEWSWIRE) -- ANEW MEDICAL, INC. (“ANEW” or the “Company”), a biopharmaceutical technology company focused on developing disruptive new therapies to treat the central nervous system (“CNS”) and neurodegenerative diseases, and Redwoods Acquisition Corp. (NASDAQ: RWOD) (“RWOD”), a publicly-traded special purpose acquisition company, today announced the completion of their previously announced business combination (the “Business Combination”). The combined company will be named “ANEW MEDICAL, INC.” and its shares and warrants are expected to begin trading on the Nasdaq Global Market under the tickers “WENA”, and “WENAW”, respectively.
Dr. Joseph Sinkule, Founder and CEO of ANEW, commented “ANEW and RWOD have been working diligently towards completion of the Business Combination and we will now have access to Nasdaq market and its large international investor pool. We will now pivot to the development of three major platform technologies we have licensed into the Company and plan to announce several key milestones we have accomplished over the past year. I want to personally thank RWOD personnel, the teams of advisors we both have employed along the way, and ANEW’s management and shareholders in bringing this Business Combination to fruition”.
Jiande Chen, CEO of RWOD, commented, “We are excited to complete the Business Combination, and to see what ANEW will accomplish in this new chapter of its story. We believe that the company will continue to play a significant role in developing disruptive gene therapies to improve the lives of patients with neurodegenerative diseases and diseases associated with aging.”
Each share of ANEW currently trading under the symbol LEAS will be converted to 1/25,000th of a share of the Merger Consideration shares with fractional shares rounded up.
Advisors
Chardan acted as exclusive M&A and Capital Markets advisor to ANEW. Paul Goodman of Cyruli Shanks & Zizmor, LLP served as the legal advisor to ANEW in connection with the Business Combination. Hunter Taubman Fischer & Li LLC acted as legal counsel to Chardan. Loeb & Loeb LLP served as legal counsel to RWOD in connection with the Business Combination.
About ANEW MEDICAL, INC.
ANEW MEDICAL (“ANEW”), now a Nasdaq-listed pharmaceutical company specializes in the development of patented, novel disease-modifying technologies to include key developments in treating neurodegenerative and age-related disorders. ANEW is developing cutting edge protein, gene and cell therapies to treat age-related pathologies such as Alzheimer’s and Parkinson’s Disease, ALS and rare neurodegenerative diseases. Other assets include worldwide rights to several platform technologies to include a library of melanocortin peptides that have been shown to modulate hunger, food intake and weight loss and ANEW’s dry-nanoparticle powder injection system called Nanoject™, a patented medical device for safe and painless self-injection of insulin, GLP-1 agonists, fertility medicines and many other drugs, vaccines and protein molecules. The company is managed by a team of individuals and advisors that are highly experienced in medical product development and commercialization, each with well over 25 years of industry experience.
For more information about ANEW, contact:Jeff Ramson, PCG Advisory LLC at (646) 863-6893 http://pcgadvisory.com.
About Redwoods Acquisition Corp.
Redwoods Acquisition Corp. (NASDAQ: RWOD; ”Redwoods”) is a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities.
Forward-Looking Statements
This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Without limiting the generality of the foregoing, the forward-looking statements in this press release include descriptions of the Company’s future commercial operations. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, such as the Company’s inability to implement its business plans, identify and realize additional opportunities, or meet or exceed its financial projections and changes in the regulatory or competitive environment in which the Company operates. You should carefully consider the foregoing factors and the other risks and uncertainties described in the documents filed or to be filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”) from time to time, which could cause actual events and results to differ materially from those contained in the forward-looking statements. Copies of these documents are available on the SEC’s website, www.sec.gov. All information provided herein is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.
FAQ
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