Oak Woods Acquisition Corp SEC 10-Q Report

Oak Woods Acquisition Corp, a special purpose acquisition company (SPAC), has released its Form 10-Q report for the first quarter of 2024. The report provides a comprehensive overview of the company's financial performance and key business activities, including its ongoing efforts to complete a significant merger with Huajin (China) Holdings Limited.

Financial Highlights

For the three months ended March 31, 2024, Oak Woods Acquisition Corp reported a net income of $143,504. This was primarily driven by:

• Interest income of $4,208 from the operating account
• Interest income of $785,928 from investments held in the trust account
• A downward change in the fair value of warrant liabilities amounting to $2,040

These gains were partially offset by operating expenses totaling $648,672.

For the three months ended March 31, 2025, the company reported a net loss of $47,787. Key factors contributing to this loss included:

• Interest income of $498,071 from investments held in the Trust Account
• A downward change in the fair value of warrant liabilities amounting to $5,000

These were offset by formation and operating costs totaling $550,895.

Business Highlights

Oak Woods Acquisition Corp has made significant strides in its business operations, particularly focusing on a strategic merger:

• Business Combination Agreement: The company has entered into a Merger Agreement with Huajin (China) Holdings Limited, which will result in Huajin becoming a wholly-owned subsidiary. This merger is a significant step in the company's strategy to expand its business operations.
• Operational Status: As of March 31, 2025, the company has not commenced any operations beyond activities related to the prospective merger. The company will not generate operating revenues until after the completion of the business combination.
• Extension of Business Combination Deadline: The company has extended the deadline to complete its business combination multiple times, with the current extension allowing until September 28, 2025. This extension provides additional time to finalize the merger with Huajin.
• Board of Directors Composition: Post-merger, the board of directors will consist of five directors, with three designated by Oak Woods and two by Huajin. This structure aims to integrate leadership from both entities.
• Trust Account Management: The company has made several deposits into the Trust Account to extend the time available for completing the business combination, reflecting its commitment to ensuring the merger's success.
• Future Outlook: The company is focused on completing the business combination with Huajin and has taken steps to extend the timeline to ensure this strategic goal is achieved. The management is actively working towards fulfilling the conditions necessary for the merger.

SEC Filing: Oak Woods Acquisition Corp [ OAKU ] - 10-Q - Jul. 16, 2025