Recently, Redwoods Acquisition Corp. (NASDAQ: RWOD) announced in a 425 filing that it has signed a letter of intent with materials technology company Xin Bo Xing. According to the filing, the two parties intend to arrange a PIPE for a transaction involving several private equity funds, and the combined company will be listed on NASDAQ. Xin Bo Xing (Xinboxing) focuses on developing precision casting technology using titanium and zirconium alloys. It also produces products for customers under the original design manufacturing (ODM) model, which is common in China's manufacturing sector. Under this model, the supplier (Xin Bo Xing) owns the product design, and customers can either accept the design as-is, make minor adjustments to it, and apply their own logos and aesthetics to it. The original equipment manufacturer (OEM) model is more commonly used by Western and multinational manufacturers, who manufacture parts according to customer specifications. However, this approach requires companies to have more resources and flexibility in R&D and processing capabilities. Aside from holding approximately 100 national patents, the filing provides few additional details about Xin Bo Xing. The company also appears to have no website—at least no English-language website. Redwoods is led by Chief Executive Officer Chen Jiande, who serves on the boards of IMAX China (HKG: 1970) and Beijing Cultural Investment Development Group (SH: 600715). IMAX China is the national licensed distributor of IMAX film technology. SPAC Chief Financial Officer Edward Cong Wang also serves as Chief Executive Officer of Pacifico Acquisition Corp. (NASDAQ: PAFO), and the two SPACs share one director. Pacifico is currently in an unusual situation: following the redemption of 25,079 shares in its completion vote on November 30, the company is struggling to close its merger with shipping technology firm Caravelle. Since then, it has contributed to its trust to extend the deadline; technically, its trust is valued at $33.32 per share, but shareholders will no longer be able to redeem further shares. Redwoods will hope to avoid this uncertain situation, and it has until the initial deadline of April 4, 2023, with the ability to extend the deadline by three months twice by contributing to the trust. © 2021 Meishun (Hong Kong) Management Consulting Co., Ltd., Meishun (Hangzhou) Management Consulting Co., Ltd. All rights reserved. Meishun Meiyin (Hangzhou) Consulting & Management Co., Ltd. is a domestic subsidiary of Hong Kong Meishun Management Consulting Co., Ltd. under the same actual controller. Both companies are under the same actual controller, share the same China-based management, and comply with the laws of Hong Kong and mainland China.