Asia focused SPAC Oak Woods prices US $50M IPO

CPE News

CPE News (3.23.2023) – Oak Woods Acquisition Corporation has priced its initial public offering of 5,000,000 units at $10.00 per unit. The units will be listed on Nasdaq and will begin trading tomorrow, March 24, 2023, under the ticker symbol “OAKUU”.

The offering is expected to close on March 28, 2023.

Nepean, Ontario based Oak Woods Acquisition Corporation is a newly organized blank check company (SPAC) incorporated as a Cayman Islands exempted company for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.

Oak Woods Acquisition intends to focus on acquiring a target business in Asia, which region includes the Peoples Republic of China (PRC). Oak Woods’ sponsor, Whale Bay International Company Limited, a BVI business company, and the majority of its executive officers and directors have significant ties to the PRC and/or Hong Kong, and it may seek to acquire a company that is based in China or Hong Kong in an initial business combination.

Oak Woods Acquisition is led by Lixin Zheng, CFO, CEO & Chairman and director. Zheng has been serving as the CFO at Huijie Information Technology (Shanghai) Co., Ltd. since July 2020.

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News Release

Oak Woods Acquisition Corporation Announces Pricing of $50,000,000 Initial Public Offering

ONTARIO, CANADA, March 23, 2023 (GLOBE NEWSWIRE) — Oak Woods Acquisition Corporation (the “Company”) announced today that it priced its initial public offering of 5,000,000 units at $10.00 per unit. The units will be listed on Nasdaq and will begin trading tomorrow, March 24, 2023, under the ticker symbol “OAKUU”. Each unit consists of one Class A ordinary share, one redeemable warrant and one right to receive one-sixth (1/6) of a Class A ordinary share upon the consummation of an initial business combination. Each redeemable warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A ordinary shares, rights and warrants will be traded on Nasdaq under the symbols “OAKUO,” “OAKUR” and “OAKUW,” respectively.

EF Hutton, division of Benchmark Investments, LLC (“EF Hutton”), is acting as the sole book running manager for the offering. The Company has granted the underwriter a 45-day option to purchase up to an additional 750,000 units at the initial public offering price to cover over-allotments, if any. The offering is expected to close on March 28, 2023, subject to customary closing conditions.

The Company is a newly organized blank check company incorporated as a Cayman Islands exempted company for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Although the Company is not limited to a particular industry or geographic region for purposes of consummating an initial business combination, it intends to focus on businesses that have their primary operations in the technology-enabled healthcare services industry located in the Asia-pacific region. The Company is led by Lixin Zheng, Chief Executive Officer, Chief Financial Officer, Chairman and Director.

RAITI, PLLC is serving as legal counsel to the Company. Ortoli Rosenstadt LLP is serving as counsel to EF Hutton.

The offering is being made only by means of a prospectus. Copies of the prospectus may be obtained, when available, from EF Hutton, Attn: Syndicate Department, 590 Madison Ave., 39th Floor, New York, New York 10022, by telephone at (212) 404-7002, by fax at (646) 861-4697, or by email at syndicate@efhuttongroup.com.

A registration statement on Form S-1 (File No. 333-269862) relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission (“SEC”) on March 23, 2023. A final prospectus relating to this offering will be filed with the SEC. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

FORWARD-LOOKING STATEMENTS
This press release contains statements that constitute “forward-looking statements,” including with respect to the Company’s initial public offering. No assurance can be given that the offering discussed above will be completed on the terms described, or at all. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and preliminary prospectus for the offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Company Contact:
Lixin Zheng
Chief Executive Officer, Chief Financial Officer, Chairman and Director
Oak Woods Acquisition Corp.
Email: pr@oakwoodsacquisition.com
Phone: (+1) 403-561-7750