Summary of What Oak Woods Acquisition Corporation Does

Company Type:

• A blank check company incorporated as a Cayman Islands exempted company on March 11, 2022.

Primary Purpose:

• To identify, evaluate, and complete a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or similar business combination (“Business Combination”) with one or more target businesses.

Business Focus:

• Currently has no operational business or revenue-generating activities.
• Engaged in searching for and evaluating potential target businesses, with non-binding discussions in progress.
• The only non-operational activity has involved assessing a proposed merger with Huajin (China) Holdings Limited, a company that provides elderly care and healthcare services to the elderly, focusing on health care services and smart home care solutions in local communities.

Target Business Details (Huajin):

• Provides elderly and health care services to the elderly population in China.
• Focuses on leveraging smart home care solutions within communities.

Operational and Financial Details:

• Has not commenced any active operations outside of formation, IPO, and evaluation activities.
• No revenue has been generated to date.
• Has incurred losses since inception:
  • $191,545 net income in 2024 (interest income offset formation and operating costs), which includes interest income of $5,852 (bank account) and $2,940,555 (trust account investments).
  • $1,308,097 net income in 2023 (interest income of $25,035 and $2,258,904 on investments in Trust).
• No employees or full-time staff are present; management consists of only one executive officer (CEO/CFO) without a fixed number of hours.

Market & Securities:

• Securities are traded on Nasdaq Capital Market under symbols:
  • Units: OAKUU
  • Class A Shares: OAKU
  • Rights: OAKUR
  • Warrants: OAKUW
• No revenue or operational income has been reported yet; focus remains on identifying merger candidates.

Financial Position (as of December 31, 2024):

• Total assets: approximately $48.43 million, primarily in investments held in the Trust Account.
• Cash outside the Trust Account: approximately $4,637.
• Total liabilities: about $6.42 million, including accrued expenses, related-party due amounts, derivative warrant liabilities, and deferred underwriting commissions.
• Shareholders’ deficit: approximately $6.42 million (reflecting accumulated losses and other adjustments).

Key Activities:

• Conducting due diligence of prospective targets.
• Preparing for a merger with Huajin, which involves potential issuance of shares and structuring the business combination.
• Extending the deadline to complete the Business Combination multiple times (latest extension to September 28, 2025).
• Engaged in negotiations, amendments to merger agreements, deposits to extend the timeline, and redemptions of public shares to manage liquidity.

Employees & Management:

• No full-time employees; management is a single officer who devotes variable time depending on the stage of merger evaluation.

Additional Financial Data:

• No revenue has been generated to date.
• No current customer base, revenue, or operational income reported.
• The company remains in pre-operational status, focusing solely on target evaluation and consolidation activities.

In Summary:

• Oak Woods Acquisition Corporation is a Cayman Islands special purpose acquisition company ("SPAC") with no current operations or revenue. Its main activity is seeking a suitable target company, currently focusing on Huajin in China's healthcare sector, to merge and create a healthcare services entity targeting elderly care and smart home solutions in China. It operates with limited staff, reports losses, and holds a significant amount of funds in trust for future acquisition purposes.