On April 7, 2022, Redwoods Acquisition Corp. closed the transaction. The company issued 52,500 units for gross proceeds of $525,000 in its second and final tranche.

With respect to the second tranche, the company issued 37,500 units and15,000 units to Redwoods Capital LLC and Chardan Capital Markets LLC, Investment Arm respectively. The company has received $5,300,000 in the transaction.