Oak Woods Acquisition, a blank check company targeting tech-enabled healthcare and medical services in Asia, raised $50 million by offering 5.0 million units at $10.
Each unit consists of one share of common stock, one right to receive one-sixth of a share upon the completion of an initial business combination, and one warrant, exercisable at $11.50.
The company is led by CEO, CFO, and Chairman Lixin Zheng, the CFO of Huijie Information Technology (Shanghai) and former CFO of both Jinke Investment Holding Group and restaurant chain Ajisen (China) Holdings.
The company plans to target businesses in the public and private healthcare, medical services, and technology-enabled healthcare services sectors, focusing on those with established brands, stable cash flow, and readiness to access capital markets. The SPAC's management team is located in Canada and China, and it intends to initially prioritize regions in Asia, including China.
The Nepean, Canada-based company plans to list on the Nasdaq under the symbol OAKUU. EF Hutton acted as sole bookrunner on the deal.
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