Redwoods climbs after merger deal with biotech company ANEW

Greenland Mines

30/05/2023 12:50

** Shares of blank check company Redwoods Acquisition Corps
 RWOD.O  up 26% at $13.10 in premarket trading
    ** Early-stage biotech ANEW MEDICAL Inc says will list on
Nasdaq via deal with Redwoods
    ** The deal values the combined company at $94 mln
    ** Transaction to provide $54 mln in cash proceeds, assuming
no redemptions by Redwoods stockholders 
    ** ANEW intends to use the proceeds to advance its lead gene
therapy programs including for amyotrophic lateral sclerosis and
Alzheimer's disease
    ** Up to Friday's close, Redwoods stock was up 3.3% to
$10.40 this year

 (Reporting by Pritam Biswas)
 ((pritam.biswas@thomsonreuters.com))