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Cal Redwood Acquisition Corp.
Jimmy Chui led Cal Redwood Acquisition Corp., a $230M SPAC targeting late-stage tech firms with Asia-Pacific exposure, through its 2021 IPO.
Cal Redwood Acquisition Corp.
Cal Redwood Acquisition Corp. was formed in 2021 and filed for a $230 million initial public offering on the Nasdaq in March of that year, listing under the ticker CRDWU. CEO Jimmy Chui and CFO Drew Romm, both structured-finance and Asia-Pacific banking veterans, positioned the blank-check company to target a technology business — specifically in financial technology or enterprise software — with a strong presence or expansion path in the Asia-Pacific region. The SPAC's stated mandate was to acquire a controlling stake in a high-growth company, deploying its $230 million trust into a merger or business combination. The vehicle was structured with standard SPAC economics: a two-year deadline to find and close a deal, after which the trust would liquidate if shareholders didn't approve an extension. The geographic focus tilted toward Asia-based targets or Western companies seeking an Asian market entry, a niche reflecting Chui's background at investment banks covering cross-border transactions. No definitive acquisition target was announced during its active period. Chui previously spent over a decade in Asia-focused investment banking, while Romm brought public-company CFO experience from previous SPAC vehicles. The sponsor entity, Cal Redwood Sponsor LLC, owned the founder shares and participated in the standard promote structure. The SPAC's professional network was concentrated in San Francisco Bay Area and Hong Kong financial circles, reflecting the team's professional biographies and the capital-raising path through Cantor Fitzgerald, which acted as sole bookrunner. Cal Redwood Acquisition Corp. represents a classic SPAC structure from the 2020–2021 boom — a small, focused team with regional expertise raising blind-pool capital to hunt for a technology deal. Its structural differentiator was the explicit Asia-Pacific mandate at a time when most tech SPACs were competing for US or European targets, though the vehicle ultimately did not announce a business combination within its operational window, per public record.
General information
Firm type
other
Year founded
2021
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Menlo Park
Corporate office
Menlo Park, CA, United States
Principals
Jimmy Chui
Chief Executive Officer
Drew Romm
Chief Financial Officer
Sector focus
Frequently asked questions
Who runs investment decisions at Cal Redwood Acquisition Corp.?
CEO Jimmy Chui and CFO Drew Romm led the sponsor team responsible for identifying and negotiating a potential business combination, per the firm's SEC filings from March 2021. Chui's background in Asia-Pacific investment banking and Romm's prior SPAC experience formed the core decision-making unit. The sponsor entity, Cal Redwood Sponsor LLC, held the founder shares and controlled the acquisition search process.
What was the investment mandate of the SPAC?
The SPAC targeted late-stage technology companies in financial technology and enterprise software with an Asia-Pacific growth angle. The $230 million trust was intended for a single business combination, with the deal structured as a merger or acquisition that would take the target company public. The geographic tilt favored companies based in Asia or Western firms with a defined Asia-Pacific expansion strategy.
Did Cal Redwood Acquisition Corp. complete a business combination?
No definitive business combination was announced during the SPAC's operational window, per public record. SPACs formed in the 2020–2021 period typically had 18–24 months to find a target and close a deal. Cal Redwood's last regulatory filings did not disclose a pending merger agreement.
How was the SPAC's management team compensated?
The sponsor team held founder shares through Cal Redwood Sponsor LLC, participating in the standard SPAC promote structure common to vehicles of this era. The sponsor typically received 20% of the post-IPO equity in the combined company upon deal completion, with the promote forfeited if no combination closed, per standard SPAC mechanics and the firm's S-1 filing.
What happened to the capital when the SPAC did not complete a deal?
If a SPAC fails to complete a business combination within its operational window — typically 18–24 months — the trust is liquidated and funds are returned to public shareholders on a pro rata basis. Cal Redwood's $230 million trust would have followed this standard path absent an extension or a completed merger, per SPAC trust mechanics detailed in its regulatory filings.
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