Full Press Release Details
Redwoods Acquisition Corp. Announces Receipt
of Nasdaq Listing Delinquency Letter
and Nasdaq Listing Compliance Determination
New York, NY, May 31, 2023 - 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 Company filed the Form 10-Q with the SEC on
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.