Maywood Acquisition 2, a blank check company targeting areas with large unmet demand, raised $100 million by offering 10 million units at $10. Each unit consists of one share of common stock, one warrant exercisable at $11.50, and one right to receive one-fourth of a share upon the completion of an initial business combination.
The SPAC is led by CEO, CFO, and Chairman Zikang Wu, the founder and President of First Cover. The SPAC plans to target companies with a defensible disruptive niche, differentiated technology, and competitive advantages, among other characteristics.
Management's previous SPAC, Maywood Acquisition (MAYA; +3% from $10 offer price), announced its plan to merge with Singaporean oil well software GOWell Technology this past October.
The Las Vegas, NV-based company will trade on the Nasdaq under the symbol MYXXU. D. Boral Capital acted as sole bookrunner on the deal.
