ANEW MEDICAL, INC. and REDWOOD ACQUISITION CORP. ANNOUNCE CLOSING OF THEIR BUSINESS COMBINATION

ANEW MEDICAL, INC.'s shares and warrants are expected to begin trading on the Nasdaq Global Market under the tickers "WENA" and "WENAW", respectively. 

NEW YORK, NY, June 21, 2024 (GLOBE NEWSWIRE) -- ANEW MEDICAL, INC. ("ANEW" or the "Company"), a biopharmaceutical technology company focused on developing disruptive new therapies to treat the central nervous system ("CNS") and neurodegenerative diseases, and Redwoods Acquisition Corp. (NASDAQ: RWOD) ("RWOD"), a publicly-traded special purpose acquisition company, today announced the completion of their previously announced business combination (the "Business Combination"). The combined company will be named "ANEW MEDICAL, INC." and its shares and warrants are expected to begin trading on the Nasdaq Global Market under the tickers "WENA", and "WENAW", respectively.

Dr. Joseph Sinkule, Founder and CEO of ANEW, commented "ANEW and RWOD have been working diligently towards completion of the Business Combination and we will now have access to Nasdaq market and its large international investor pool. We will now pivot to the development of three major platform technologies we have licensed into the Company and plan to announce several key milestones we have accomplished over the past year. I want to personally thank RWOD personnel, the teams of advisors we both have employed along the way, and ANEW's management and shareholders in bringing this Business Combination to fruition".

Jiande Chen, CEO of RWOD, commented, "We are excited to complete the Business Combination, and to see what ANEW will accomplish in this new chapter of its story. We believe that the company will continue to play a significant role in developing disruptive gene therapies to improve the lives of patients with neurodegenerative diseases and diseases associated with aging."

Each share of ANEW currently trading under the symbol LEAS will be converted to 1/25,000th of a share of the Merger Consideration shares with fractional shares rounded up.

Advisors

Chardan acted as exclusive M&A and Capital Markets advisor to ANEW. Paul Goodman of Cyruli Shanks & Zizmor, LLP served as the legal advisor to ANEW in connection with the Business Combination. Hunter Taubman Fischer & Li LLC acted as legal counsel to Chardan. Loeb & Loeb LLP served as legal counsel to RWOD in connection with the Business Combination.

About ANEW MEDICAL, INC.

ANEW MEDICAL ("ANEW"), now a Nasdaq-listed pharmaceutical company  specializes in the development of patented, novel disease-modifying technologies to include key developments in treating neurodegenerative and age-related disorders. ANEW is developing cutting edge protein, gene and cell therapies to treat age-related pathologies such as Alzheimer's and Parkinson's Disease, ALS and rare neurodegenerative diseases. Other assets include worldwide rights to several platform technologies to include a library of melanocortin peptides that have been shown to modulate hunger, food intake and weight loss and ANEW's dry-nanoparticle powder injection system called Nanoject™, a patented medical device for safe and painless self-injection of insulin, GLP-1 agonists, fertility medicines and many other drugs, vaccines and protein molecules. The company is managed by a team of individuals and advisors that are highly experienced in medical product development and commercialization, each with well over 25 years of industry experience.

For more information about ANEW, contact:Jeff Ramson, PCG Advisory LLC at (646) 863-6893   http://pcgadvisory.com.

About Redwoods Acquisition Corp.

Redwoods Acquisition Corp. (NASDAQ: RWOD; "Redwoods") is a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities.

Forward-Looking Statements

This press release contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements generally are identified by the words "believe," "project," "expect," "anticipate," "estimate," "intend," "strategy," "future," "opportunity," "plan," "may," "should," "will," "would," "will be," "will continue," "will likely result," and similar expressions. Without limiting the generality of the foregoing, the forward-looking statements in this press release include descriptions of the Company's future commercial operations. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, such as the Company's inability to implement its business plans, identify and realize additional opportunities, or meet or exceed its financial projections and changes in the regulatory or competitive environment in which the Company operates. You should carefully consider the foregoing factors and the other risks and uncertainties described in the documents filed or to be filed by the Company with the U.S. Securities and Exchange Commission (the "SEC") from time to time, which could cause actual events and results to differ materially from those contained in the forward-looking statements. Copies of these documents are available on the SEC's website, www.sec.gov. All information provided herein is as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required under applicable law.