NEW
YORK, May 31, 2023 /PRNewswire/ -- Redwoods
Acquisition Corp. (the "Company") (NASDAQ: RWOD) today announced
that it received a delinquency notification letter ("Notice") from
the Listing Qualifications Staff (the "Staff") of the Nasdaq Stock
Market LLC ("Nasdaq") on May 24, 2023
due to the Company's non-compliance with Nasdaq Listing Rule
5250(c)(1) (the "Listing Rule") as a result of the Company's
failure to timely file its Quarterly Report on Form 10-Q for the
quarterly period ended March 31, 2023 (the "Form 10-Q"). The
Listing Rule requires listed companies to timely file all required
periodic financial reports with the Securities and Exchange
Commission (the "SEC").
The Company filed the Form 10-Q with the SEC on May 24, 2023.
On May 30, 2023, the Company
received a letter from Nasdaq indicating that based on the
Company's May 24, 2023 filing of the
Form 10-Q, the staff has determined that the Company has complied
with the Listing Rule and, accordingly, the matter was closed. As a
result, the Company is currently in compliance with the Nasdaq
Listing Rules and the Company's securities will continue to trade
on The Nasdaq Global Market.
This announcement is made in compliance with Nasdaq Listing Rule
5810(b), which requires prompt disclosure of receipt of a
deficiency notification.
About Redwoods Acquisition Corp.
Redwoods Acquisition Corp. is a blank check company formed for
the purpose of effecting a merger, share exchange, asset
acquisition, stock purchase, recapitalization, reorganization or
similar business combination with one or more businesses. The
Company has not selected a business combination target. Although
there is no restriction or limitation on what industry or
geographic region its target operates in, the Company intends to
focus on the carbon neutral and energy storage industries. The
Company is led by its Chief Executive Officer, Jiande Chen.
Forward-Looking Statements
This announcement contains forward-looking statements, including
statements about the financial condition, results of operations,
earnings outlook and prospects of the Company. In addition, any
statements that refer to projections, forecasts or other
characterizations of future events or circumstances, including any
underlying assumptions, are forward-looking statements.
Forward-looking statements are typically identified by words such
as "plan," "believe," "expect," "anticipate," "intend," "outlook,"
"estimate," "forecast," "project," "continue," "could," "may,"
"might," "possible," "potential," "predict," "should," "would" and
other similar words and expressions, but the absence of these words
does not mean that a statement is not forward-looking.
The forward-looking statements are based on the current
expectations of the Company's management and are inherently subject
to uncertainties and changes in circumstances and their potential
effects and speak only as of the date of such statement. There can
be no assurance that future developments will be those that have
been anticipated. These forward-looking statements involve a number
of risks, uncertainties or other assumptions that may cause actual
results or performance to be materially different from those
expressed or implied by these forward-looking statements. These
factors include, without limitation, our ability to respond in a
timely and satisfactory matter to the inquiries by Nasdaq, our
ability to regain compliance with Listing Rule and our ability to
become current with our reports with the SEC. For additional
information about factors that could cause actual results to differ
materially from those described in the forward-looking statements,
please refer to our filings with the SEC. Forward-looking
statements represent management's current expectations and are
inherently uncertain. Except to the extent required by applicable
law, we do not undertake any obligation to update or revise
forward-looking statements made by us to reflect subsequent events
or circumstances.
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SOURCE Redwoods Acquisition Corp