Bowen Acquisition is a SPAC — a blank check company with no operations — that raised $69M in its July 2023 IPO, with proceeds held in trust. Bowen's sole purpose is to merge with an operating business and take it public. Bowen has entered into a Business Combination Agreement to merge with Shenzhen Qianzhi BioTechnology, a China-incorporated company. If the deal closes, Bowen's business becomes that of Qianzhi. The transaction has been extended multiple times, with a current deadline of July 14, 2025, and public shareholders have redeemed the large majority of their shares during these extensions. The deal includes an earnout of up to 1.4M additional shares to Qianzhi shareholders, contingent on Qianzhi meeting net income milestones in FY2025 and FY2026, or upon a change of control event. Bowen's structure is typical of a SPAC: sponsors acquired Founder Shares at nominal cost before the IPO, giving them an economic interest in the post-combination company, and sponsors and underwriters are compensated primarily through equity stakes if a deal closes, creating strong incentives to complete a transaction.