Redwoods Acquisition (NASDAQ:RWOD) stock is in the news Friday as after the special purpose acquisition company (SPAC) got approval from shareholders for its merger with Anew Medical.
Let’s get into everything traders need to know about the SPAC merger between Redwoods Acquisition and Anew Medical below!
RWOD Stock SPAC Merger Details
- Redwoods Acquisition and Anew Medical first entered into this merger agreement in May 2023 with plans for ANEW stock to start trading in March 2024.
- While there has been a slight delay to that, this latest shareholder vote paves the way for Anew Medical to take over the combined company once the merger is complete.
- When the two companies combine, they will focus on Anew Medical’s goals.
- The company is focused on the “development of disease-modifying therapies for age-related cognitive and neurodegenerative disorders and cancer.”
- This will have it further develop its Klotho gene therapy research programs.
- Anew Medical also notes that it doesn’t believe there’s much competition in this space due to its strong intellectual property position.
- Leading Anew Medical as CEO is Dr. Joseph Sinkule with 40 years of experience in the drug development, research and commercialization markets.
RWOD stock is up 66.5% as of Friday morning with more than 4 million shares changing hands. That’s well above its daily average trading volume of about 11,000 shares.
Investors will find more of the most recent stock market stories ready to go down below!
We have all of the hottest stock market news available on Friday! Among that is what has shares of Trump Media & Technology Group (NASDAQ:DJT), BioNexus Gene Lab (NASDAQ:BGLC) and Tritium DCFC (NASDAQ:DCFC) stock moving today. All of that info is available below!
More Friday Stock Market News
On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: Penny Stocks — How to Profit Without Getting Scammed
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
