Redwoods Acquisition Corp. announced a private placement of a promissory note at issue price of $150,000 for gross proceeds of $150,000 on March 22, 2023. The transaction included participation from returning investor Redwoods Capital LLC.

The maturity date of the note shall be upon the closing of a Repayment/Conversion Trigger Event. The note may convert any or all of the unpaid principal under the note into units of the company, at a price of $10.00 per unit.