Maywood Acquisition Corp. Announces Closing of $86,250,000 Initial Public Offering

Rhea-AI Summary

Maywood Acquisition Corp has successfully completed its initial public offering (IPO), raising $86,250,000 in gross proceeds through the sale of 8,625,000 units at $10.00 per unit, including the full exercise of underwriters' over-allotment option of 1,125,000 units.

The units, trading on Nasdaq Global Market under symbol MAYAU, consist of one Class A ordinary share and one right to receive one-fifth of a Class A ordinary share upon completing a business combination. The ordinary shares and rights will separately trade under symbols MAYA and MAYAR.

The company, formed as a Cayman exempt blank check company led by CEO Zikang Wu, aims to merge or combine with existing businesses. The entire net proceeds of $86,250,000 from the IPO, private placement, and sponsor loan have been placed in trust.

Positive

• Successful IPO raising $86.25 million in gross proceeds
• Full exercise of over-allotment option indicating strong demand
• 100% of net proceeds placed in trust, protecting investor capital
• Listing on major exchange (Nasdaq Global Market)

Negative

• No operating business or revenue generation currently
• No guaranteed timeline for business combination completion
• Investors face uncertainty until target acquisition is identified

Insights

SPAC Financial Analyst

This $86.25 million SPAC IPO reflects several notable market dynamics. The full exercise of the over-allotment option signals robust institutional interest, particularly noteworthy in today's more selective SPAC market. The offering's structure includes an innovative one-fifth share right instead of traditional warrants, potentially reducing future dilution compared to typical SPAC structures that often include full or half warrants.

The trust account holding $10.00 per unit provides standard investor protection, while the Cayman Islands incorporation offers strategic flexibility for potential cross-border transactions, particularly valuable for targeting Asian markets given CEO Zikang Wu's leadership. The SPAC's size positions it in the small-to-mid-market segment, suggesting a focus on targets valued between $300-600 million, a sweet spot where competition from larger SPACs and traditional IPOs is less intense.

The timing of this IPO amid challenging SPAC market conditions indicates confidence in the management team's ability to execute. The involvement of Cohen & Company Capital Markets, known for their SPAC expertise, adds credibility to the offering. The structure and size suggest a disciplined approach to target hunting, prioritizing deal quality over size in a market where successful de-SPAC transactions have become increasingly challenging.

NEW YORK CITY, NY / ACCESS Newswire / February 14, 2025 / Maywood Acquisition Corp. (the "Company") announced today that it completed its initial public offering of 8,625,000 units at $10.00 per unit, including the full 1,125,000 units subject to the underwriters' over-allotment option. The offering resulted in gross proceeds to the Company of $86,250,000.

The Company's units are listed on the Nasdaq Global Market ("Nasdaq") under the ticker symbol "MAYAU." Each unit consists of one Class A ordinary share and one right entitling its holder to receive one-fifth of one Class A ordinary share upon the Company's completion of an initial business combination, subject to adjustment. Once the securities comprising the units begin separate trading, the ordinary shares and rights are expected to be listed on Nasdaq under the symbols "MAYA" and "MAYAR," respectively.

The Company is a Cayman exempt company, formed as a blank check company for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. The Company is led by its Chairman of the Board and Chief Executive Officer, Zikang Wu. Of the net proceeds received from the initial public offering, a simultaneous private placement of units and a loan from the Company's sponsor, an aggregate of $86,250,000 was placed in trust

Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC, acted as the lead book-running manager for the offering and Seaport Global Securities acted as joint-book-runner for the offering. The offering was made only by means of a prospectus. Copies of the prospectus may be obtained from Cohen & Company Capital Markets, 3 Columbus Circle, 24th Floor, New York, NY 10019, Attention: Prospectus Department, or by email at: capitalmarkets@cohencm.com.

A registration statement relating to these securities was filed with the Securities and Exchange Commission (the "SEC") and was declared effective on February 12, 2025. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute "forward-looking statements." No assurance can be given that the net proceeds of the offering will be used as indicated in the prospectus. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement and prospectus for the offering filed with the SEC. Copies are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements
for revisions or changes after the date of this release, except as required by law.

Contact:

Investor Relations
ir@maywoodacq.com

SOURCE: Maywood Acquisition Corp.

View the original press release on ACCESS Newswire

FAQ

How much did Maywood Acquisition Corp (MAYA) raise in its IPO?

Maywood Acquisition Corp raised $86,250,000 in gross proceeds through its IPO, selling 8,625,000 units at $10.00 per unit.

What do MAYA units consist of in the IPO?

Each unit consists of one Class A ordinary share and one right to receive one-fifth of one Class A ordinary share upon completion of a business combination.

What are the trading symbols for Maywood Acquisition Corp's securities?

The units trade under MAYAU, while the ordinary shares and rights will trade under MAYA and MAYAR respectively on the Nasdaq Global Market.

How much of MAYA's IPO proceeds were placed in trust?

$86,250,000 of the net proceeds from the IPO, private placement, and sponsor loan were placed in trust.

What is the business purpose of Maywood Acquisition Corp (MAYA)?

Maywood Acquisition Corp is a blank check company formed to enter into a merger, share exchange, asset acquisition, or similar business combination with existing businesses.