ANEW MEDICAL and Redwoods Acquisition today announced a definitive merger agreement at a pro forma enterprise value of $94 million.
The target is an early-stage biotechnology company focused on developing disruptive new therapies to treat neurodegenerative diseases. Omaha, NE-based ANEW currently lists on the OTC Markets under the symbol LEAS.
Existing ANEW stockholders are expected to rollover 100% of their equity into the combined company. ANEW stockholders will also be eligible to receive five million additional earn-out shares based on future stock performance.
The transaction is expected to provide approximately $54 million of cash proceeds, assuming no redemptions by Redwoods stockholders.
If approved, after closing ANEW MEDICAL expects to list on the nasdaq.