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SPAC Redwoods Acquisition Corp. (NASDAQ:RWOD) plans to merge with Xin Bo Xing, a new material technology company based in Asia.

Redwoods said in a filing that it has signed an agreement of intent with Xin Bo Xing. The combined company’s stock is expected to trade on Nasdaq. It added that several private funds are expected to participate in a PIPE financing. No additional details were given.

Xin Bo Xing has customers based in China, Malaysia, Indonesia, the Philippines, Vietnam, India and other Asian nations. The company focuses on precision casting technology, primarily based on titanium and zirconium alloys.

Redwoods raised $115M through an initial public offering in March, with a focus on energy storage and carbon neutral businesses.

For more on Redwoods, check out Dononvan Jones’s “Redwoods Acquisition Targets Carbon Neutral or Energy Storage Merger.”

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