The IPO Buzz: Oak Woods Acquisition – SPAC IPO – Up 1.9 Percent in NASDAQ Debut on Friday

Oak Woods Acquisition Corp. (OAKUU) made its NASDAQ debut today (Friday, March 24, 2023) with a 1.9 percent gain to close at $10.19 – up 19 cents from its $10.00 unit IPO price. Volume for the day: 4,891,435 shares. The stock’s closing price and its opening trade were identical. The Oak Woods IPO started trading at 10:45 a.m. EDT  today at $10.19, up 19 cents from its $10.00 unit IPO price, on volume of 537,524 shares. Oak Woods Acquisition priced its small-cap SPAC IPO on Thursday night (March 23, 2023) in line with the terms in its prospectus: 5.0 million units at $10.00 each to raise $50.0 million. Each unit of the Oak Woods IPO consisted  of one share of stock, one redeemable warrant to buy one share of stock, and one right to receive one-sixth (1/6) of a Class A ordinary share upon the consummation of an initial business combination.

EF Hutton was the sole book-runner.

Oak Woods Acquisition is the ninth SPAC IPO priced so far this year – and only the second SPAC to go public so far in March. Four Leaf Acquisition (FORLU) went public last week – making its NASDAQ debut on Friday, March 17, which was St. Patrick’s Day. EF Hutton was also the sole book-runner of Four Leaf Acquisition’s IPO. Four Leaf Acquisition was trading at $10.23 at around 10:57 a.m. EDT today (Friday, March 24).

The Asia-Pacific region, including China, is in focus at Oak Woods Acquisition, which is based in Nepean, Ontario. The blank check company says it will search for tech-enabled healthcare services businesses and medical services companies in the Asia-Pacific region. It will look for a target company with a total enterprise value between $200 million and $800 million.

In addition to the healthcare services sector in Asia, Oak Woods Acquisition said it will also consider potential target companies in other sectors such as “enterprise services, artificial intelligence, culture and media, computer and Internet technologies, new consumer brands, blockchain” and other areas of interest to investors.

Lixin Zheng has served as the CEO since February 2023. He is also the CFO and the chairman of Oak Woods Acquisition’s board of directors, according to the prospectus. Zheng is the CFO of Huijie Information Technology (Shanghai). He has over 30 years of extensive practical experience in TMT (technology, media and telecom sector), investment and financing, manufacturing and the fast casual restaurant chain business in mainland China, Hong Kong, Taiwan, the United States and Canada.

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Disclosure: Nobody on the staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The staff does not issue advice, recommendations or opinions.

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