Oak Woods Acquisition filed a proxy and prospectus outlining its proposed combination with Huajin Holdings Limited. The deal was announced last August at a $250 million valuation.
Terms call for the SPAC to hold at least $5 million in trust to close the deal, while Huajin would be on the hook under certain circumstances for a $2 million breakup fee if the transaction is terminated.
Oak Woods raised $57.5 million in a March 2023 IPO to target high-growth technology companies in the asia-pacific region that are engaging in the public and private healthcare, medical services and technology-enabled healthcare services sectors. The SPAC also has a $3.4 million PIPE from its sponsor, Whale Bay International. intends to raise a PIPE to supplement its cash in trust. Read more.