Redwoods Acquisition today filed a preliminary proxy and prospectus on its proposed merger with ANEW MEDICAL for $60 million in stock. Another $50 million in earnout shares would be issued if the company's srtock hits certain price milestones.
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.
The transaction at deal announcement last May was expected to provide approximately $54 million of cash proceeds, which assumed no redemptions by Redwoods stockholders.
If approved, after closing ANEW MEDICAL expects to list on the nasdaq.
Redwoods Acquisition is led by Jiande Chen, former CEO of IMAX China. Read more.