Redwoods Acquisition in an 8-K filing said it is no longer pursuing a transaction with Xin Bo Xing Group, a new-material technology research and development company in Asia.
Xin Bo Xing issued a press release last month stating the parties had signed an agreement of intent.
Xinboxing is a new-material technology research and development company in Asia. It focuses on the research and development of precision casting technology mainly based on titanium and zirconium alloys, and provides customers with full chain services of research and development, design, production, and post maintenance through ODM mode. Its business scope covers aviation, shipping, chemical, medical, aerospace, marine, sports, civil hardware and other fields, which can meet the customization needs of different industries, different products, and different regional standards.
Xin Bo Xing has more than 100 national patents, and its customers are distributed in China, Malaysia, Indonesia, the philippines, Vietnam, India and other major Asian countries and industrial cities.
Redwoods is focused on carbon neutral, energy storage and other new economic industries. The SPAC raised $115 milion in a March IPO.