Redwoods Acquisition (NASDAQ:RWOD, NASDAQ:RWODU) stock is rocketing higher on Friday alongside details from a recent shareholder meeting.
The shareholder meeting took place on April 12 and saw investors in Redwoods Acquisition vote on proposals for its merger with Anew Medical. The plan is for the special purpose acquisition company (SPAC) to take Anew Medical public.
Results from the shareholder meeting saw investors approve all of the company’s proposals for the merger. That includes the terms of the merger, incentive plans for executives, director nomination rights and more.
What This Means for RWOD Stock
With this shareholder approval, Redwoods Acquisition and Anew Medical can move forward with their business combination. The combined company will operate as Anew Medical and adopt a new ticker for its shares.
RWOD stock is seeing heavy trading today alongside the shareholder meeting results. This has more than 1.2 million shares changing hands as of this writing. That’s well above its daily average trading volume of only about 12,000 shares.
RWOD stock is up 72.4%, while RWODU shares are up 65.4% on Friday morning.
Investors who are seeking out even more of the most recent stock market stories for today will want to stick around!
We are offering up insight into all of the hottest stock market news worth reading about on Friday! That includes the biggest pre-market stock movers this morning, the latest news concerning shares of Li Auto (NASDAQ:LI) stock and more. You can catch up on all of these topics by checking out the links below!
More Friday Stock Market News
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Friday
- LI Stock Alert: Li Auto Launches New Li L6 SUV
- CTRI Stock IPO: 7 Things to Know as Centuri Starts Trading Today
On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: Penny Stocks — How to Profit Without Getting Scammed
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
