Redwoods Acquisition secures non-redemption agreement for up to 360K shares amid 1.59M redemptions

Greenland Mines Ltd

Redemption requests total 1,589,776 shares as of May 8; only 170,418 shares will remain outstanding post-redemption.
Non-redemption agreement with backstop investors to reverse up to 360,000 shares previously submitted for redemption.
Backstop investors receive cash from trust equal to Redemption Price ($11.20) less $5.00 per share for each reversed share.
Agreement supports pending business combination with ANEW MEDICAL, INC.; deal closing still subject to conditions.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Greenland Mines Ltd entered into Non-Redemption Agreement with certain investors named therein (each, a Backstop Investor) (effective 2024-05-09).

Action: entry
Counterparty: certain investors named therein (each, a Backstop Investor)
Effective: 2024-05-09

Exact text from the filing

On May 9, 2024, Redwoods Acquisition Corp. (“ RWOD ” or “ Redwoods ”) entered into a non-redemption agreement (the “ Non-Redemption Agreement ”) with certain investors named therein (each, a “ Backstop Investor ”), each acting on behalf of certain funds, investors, entities or accounts that are managed, sponsored or advised by each such Backstop Investor or its affiliates.

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Greenland Mines Ltd filing history →

Source: SEC EDGAR

accession 0001213900-24-041421

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