SPAC Redwoods no longer pursuing deal with Xin Bo Xing (NASDAQ:RWOD)

SPAC Redwoods Acquisition Corp. (NASDAQ:RWOD) has ended talks about a possible merger with Xin Bo Xing, an Asia-based developer of new material technology. 

Redwoods said in an SEC filing that it was no longer pursuing a transaction with Xin Bo Xing. The SPAC noted that Xin Bo Xing had put out a press release on Dec. 12 that indicated it had signed a letter of intent with Redwoods about a possible combination. 

Redwoods held its initial public offering in April, raising $100M.