Oak Woods Acquisition (OAKU) filed an amended proxy outlining its proposed combination with Huajin Holdings Limited. The deal was announced last August at a $250 million valuation.
The target is a “smart healthcare service provider” focused on delivering non-medical community healthcare services to the elderly in localities across China.
“Assuming that Huajin has a closing net debt of $15,513,567.00, we estimate that we will issue approximately 23,448,643 OAKU shares to acquire Huajin,” the SPAC states in the filing.
If the closing net debt is different from the assumption, the allocation of OAKU Shares to Huajin securityholders will change. The issuance of OAKU Class A shares to Huajin stockholders will be on a private placement basis.
Terms also call for the SPAC to hold at least $5 million in trust to close the deal, while Huajin would be on the hook under certain circumstances for a $2 million breakup fee if the transaction is terminated.
Oak Woods also has a $5 million backstop in place with an unnamed investor.
Oak Woods raised $57.5 million a year ago to target high-growth technology companies in the asia-pacific region that are engaging in the public and private healthcare, medical services and technology-enabled healthcare services sectors. The SPAC also has a $3.4 million pipe from its sponsor, Whale Bay International. Read more.
Source: Oak Woods Acquisition Files Amended Proxy on Huajin Deal
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- Source: https://spacfeed.com/oak-woods-acquisition-files-amended-proxy-on-huajin-deal
