Oak Woods Acquisition Corp (NASDAQ:OAKUU), a special purpose acquisition company with a market capitalization of $84.79 million and current trading price of $11.44, has announced an extension for completing its initial business combination.
This extension comes as a result of a shareholder vote at the Extraordinary General Meeting held on September 26, 2024, allowing the company to extend the deadline by up to six one-month periods. The condition for each extension is a deposit of $172,500 into the company's trust account before the expiration of the previous extension period.
As of November 28, 2024, Oak Woods Acquisition Corp’s sponsor has made the required deposit, effectively moving the deadline to December 28, 2024. This marks the third one-month extension utilized by the company under the terms set during the September 26 amendment to its Amended and Restated Memorandum and Articles of Association.
Oak Woods Acquisition Corp's securities, including units (OAKUU), Class A ordinary shares (NASDAQ:OAKU), rights (NASDAQ:OAKUR), and warrants (NASDAQ:OAKUW), are traded on The Nasdaq Stock Market LLC. The company, which is categorized under the Services-Misc Health & Allied Services, NEC sector, is based in Nepean, Ontario, Canada, and operates under the fiscal year ending December 31.
Further, the company has removed certain limitations on its ability to redeem public shares and proceed with a business combination based on net tangible assets. Additionally, the company's Class B Ordinary Shares can now be converted into Class A Ordinary Shares on a one-for-one basis before the closing of a business combination.
In the recent shareholder meeting, all proposals were passed by a majority of not less than two-thirds of the votes, with 78.37% of the outstanding shares represented.
The company also reported that 1,492,646 ordinary shares were tendered for redemption, leaving 6,037,979 ordinary shares. These are just some of the recent developments at Oak Woods Acquisition Corp.
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