Looking forward to finally getting the symbol change. There seems to be some confusion and disagreement about the share structure once the change occurs. The numbers I'm seeing seem to indicate this is favorable to those of use holding LEAS shares. We will find out soon.
This is from last year.
ANEW MEDICAL, INC. (“ANEW”) has entered into a definitive business combination agreement with Redwoods Acquisition Corp. (NASDAQ: RWOD
NEW YORK, May 30, 2023 /PRNewswire/ — ANEW MEDICAL, INC. (“ANEW” or the “Company”), an early-stage biotechnology company focused on developing disruptive new therapies to treat neurodegenerative diseases, announced today that it has entered into a definitive merger agreement with Redwoods Acquisition Corp. (NASDAQ: RWOD; “Redwoods”), a publicly traded special purpose acquisition company, or SPAC. ANEW currently has its common stock quoted on the OTC Markets under the symbol “LEAS”.
The transaction values the combined company at a pro forma enterprise value of approximately US$94.0 million (assuming no redemptions) with existing ANEW stockholders rolling over 100% of their equity into the combined company. ANEW stockholders will be eligible to receive additional shares pursuant to an earn-out based on the combined company’s stock performance following the closing of the transaction. The transaction is expected to provide approximately US$54 million of cash proceeds, assuming no redemptions by Redwoods stockholders. These values exclude up to five million of additional earn-out shares that would be issued to ANEW stockholders if applicable stock performance-based requirements are met. Upon completion of the transaction, the combined company will operate as ANEW MEDICAL and expects to remain listed on NASDAQ.
ANEW is dedicated to realizing the potential of gene therapies to offer transformative patient outcomes in areas of high unmet medical need and extending the reach of gene therapies to highly prevalent neurodegenerative disorders. The Company has assembled a portfolio of gene therapies in partnership with leading scientific institutions and has built a core team with extensive experience in the gene therapy, drug development, and commercialization space. ANEW is initially focused on progressing programs that include alpha Klotho-based gene therapies for ALS, Alzheimer’s disease, and Parkinson’s disease.
Bullish
