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MENLO PARK, CA - Cal Redwood Acquisition Corp. (NASDAQ: CRAQU) announced the pricing of its initial public offering (IPO) at $10.00 per unit, with trading on the Nasdaq Global Market set to commence on Friday. The offering comprises 20 million units, each consisting of one Class A ordinary share and one right to receive one-tenth of a Class A ordinary share post an initial business combination. This SPAC IPO joins a select group of new listings in 2025, as the market continues to show selective appetite for quality blank-check companies.
The company, which targets business combinations in the technology, media, and telecommunications (TMT) sectors, as well as sectors disrupted by technology, anticipates closing the offering on May 27, 2025, subject to standard closing conditions. The TMT sector has shown resilient growth potential, with InvestingPro analysis indicating strong digital transformation trends driving valuations in this space. Following the separate trading of the securities, Cal Redwood’s Class A ordinary shares and rights are expected to be listed under the tickers CRA and CRAQR, respectively.
Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC, is serving as the lead book-running manager, with Seaport Global Securities as the joint book-runner. Additionally, the underwriters have been given a 45-day option to purchase up to an additional 3 million units to cover potential over-allotments.
The company’s strategy involves leveraging its management team’s operational and investment expertise to identify potential business combination targets. The IPO is being conducted through a prospectus, which interested parties can obtain from Cohen & Company Capital Markets when it becomes available.
This press release contains forward-looking statements regarding the IPO and the company’s anticipated use of net proceeds, which are subject to numerous conditions, many outside the company’s control, as detailed in the Risk Factors section of the registration statement and preliminary prospectus filed with the U.S. Securities and Exchange Commission. These documents are accessible on the SEC’s website. Investors looking to track this IPO and analyze similar opportunities can access comprehensive IPO analysis tools and real-time market data through InvestingPro, which provides detailed financial metrics and valuation insights for newly listed companies.
The announcement of the IPO is based on a press release statement, and it should be noted that the completion of the offering and subsequent business combination transaction cannot be guaranteed.
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