Oak Woods Acquisition (OAKU) is a SPAC — a blank check company with no operations or revenue whose sole purpose is to identify and merge with a private company, effectively taking that company public. Oak Woods raised $57.5M in its March 2023 IPO, holding those proceeds in a trust account that earns interest while Oak Woods searches for a target. Oak Woods has one deal in progress: a proposed merger with Huajin (China) Holdings, a Cayman Islands company that provides elderly care and healthcare services to elderly populations in China, with a focus on smart home care. The merger has not yet closed. The sponsor, Whale Bay International, received founder shares at a nominal cost, which convert into equity of the combined company upon deal close, creating an incentive to complete a transaction. To extend the deadline for closing the Huajin deal, the sponsor and Huajin have been depositing additional funds into the trust account per monthly extension, with the deadline most recently extended to September 28, 2025. Significant shareholder redemptions have occurred during this process, with over 2.1M Class A shares redeemed, reducing the trust substantially from its original size.