Redwoods Acquisition Corp. Files 10-Q for Q1 2024

TL;DR

**Redwoods Acquisition Corp. 10-Q filed. Financials for Q1 2024 are in.**

AI Summary

Redwoods Acquisition Corp. filed its 10-Q for the quarterly period ended March 31, 2024. The company, incorporated in Delaware, operates in the Biological Products sector. Its principal executive offices are located at 1115 Broadway, 12th Floor, New York, NY 10010, with a contact phone number of (646) 916-5315.

Why It Matters

This filing provides investors with an update on Redwoods Acquisition Corp.'s financial performance and operational status for the first quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly filing (10-Q) that provides standard financial and operational information.

Key Players & Entities

• Redwoods Acquisition Corp. (company) — Registrant
• March 31, 2024 (date) — Quarterly period end date
• 001-41340 (other) — Commission file number
• 86-2727441 (other) — I.R.S. Employer Identification No.
• 1115 Broadway, 12th Floor New York, NY 10010 (address) — Principal executive offices
• (646) 916-5315 (phone_number) — Registrant's telephone number

FAQ

Key Financial Figures

• $0.0001 — hares of the registrant's common stock, $0.0001 par value, issued and outstanding. RED
• $12.50 — g a closing price equal to or exceeding $12.50 for 10 trading days within a 20-day tra
• $15.00 — g a closing price equal to or exceeding $15.00 for 10 trading days within a 20-day tra
• $20.00 — g a closing price equal to or exceeding $20.00 for 10 trading days within a 20-day tra

Filing Documents

• ea0205875-10q_redwoods.htm (10-Q) — 542KB
• ea020587501ex31-1_redwood.htm (EX-31.1) — 9KB
• ea020587501ex31-2_redwood.htm (EX-31.2) — 9KB
• ea020587501ex32-1_redwood.htm (EX-32.1) — 4KB
• ea020587501ex32-2_redwood.htm (EX-32.2) — 4KB
• 0001213900-24-046038.txt ( ) — 4167KB
• rwod-20240331.xsd (EX-101.SCH) — 56KB
• rwod-20240331_cal.xml (EX-101.CAL) — 24KB
• rwod-20240331_def.xml (EX-101.DEF) — 220KB
• rwod-20240331_lab.xml (EX-101.LAB) — 378KB
• rwod-20240331_pre.xml (EX-101.PRE) — 217KB
• ea0205875-10q_redwoods_htm.xml (XML) — 422KB

Financial Information

Part I. Financial Information 1

Financial Statements

Item 1. Financial Statements 1 Condensed Consolidated Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2023 (Audited) 1 Unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and March 31, 2023 2 Unaudited Condensed Consolidated Statements of Changes in Stockholders' Deficit for the three months ended March 31, 2024 and March 31, 2023 3 Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and March 31, 2023 4 Notes to Unaudited Condensed Consolidated Financial Statements 5

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 23

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 33

Controls and Procedures

Item 4. Controls and Procedures 33

Other Information

Part II. Other Information 34

Legal Proceedings

Item 1. Legal Proceedings 34

Risk Factors

Item 1A. Risk Factors 34

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 34

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 34

Other Information

Item 5. Other Information 34

Exhibits

Item 6. Exhibits 34

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

-Financial Statements

Item 1.-Financial Statements. REDWOODS ACQUISITION CORP. CONDENSED BALANCE SHEETS March 31, 2024 (Unaudited) December 31, 2023 (Audited) Assets Current Assets Cash $ 8,051 $ 172,535 Prepaid expenses — 26,995 Total Current Assets 8,051 199,530 Investments held in Trust Account 19,578,086 19,256,423 Total Assets $ 19,586,137 $ 19,455,953 Liabilities, Temporary Equity, and Stockholders' Deficit Current Liabilities Accounts payable and accrued expenses $ 467,916 $ 396,669 Due to related party 347,052 65,000 Franchise tax payable 93,600 75,600 Income tax payable 650,462 751,562 Excise tax liability 1,024,249 1,024,249 Total Current Liabilities 2,583,279 2,313,080 Warrant liability 41,340 58,300 Deferred income tax payable 18,087 17,919 Convertible promissory note - related party 1,540,000 1,540,000 Deferred underwriting fee payable 4,312,500 4,312,500 Total Liabilities 8,495,206 8,241,799 Commitments and Contingencies Common stock subject to possible redemption, 1,760,194 shares and 1,760,194 shares at redemption value of $ 10.69 and $ 10.55 per share as of March 31, 2024 and December 31, 2023, respectively 18,819,250 18,564,656 Stockholders' Deficit Common stock, $ 0.0001 par value; 50,000,000 shares authorized; 3,405,000 shares issued and outstanding 340 340 Additional paid-in capital — — Accumulated deficit ( 7,728,659 ) ( 7,350,842 ) Total Stockholders' Deficit ( 7,728,319 ) ( 7,350,502 ) Total Liabilities, Temporary Equity, and Stockholders' Deficit $ 19,586,137 $ 19,455,953 The accompanying notes are an integral part of these unaudited condensed financial statements. 1 REDWOODS ACQUISITION CORP. UNAUDITED CONDENSED STATEMENTS OF OPERATIONS Three Months Ended March 31, 2024 2023 General and administrative expenses $ 324,777 $ 293,654 Franchise tax expenses 18,000 32,100 Loss from operations ( 342,777 ) ( 325,754 ) Interest earned on inves

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View this 10-Q filing on SEC EDGAR