Cal Redwood Acquisition Corp (NASDAQ: CRAQ) is a blank check special purpose acquisition company incorporated as a Cayman Islands exempted company that exists solely to identify and complete a merger, share exchange, asset acquisition, or similar business combination with one or more target businesses. The company completed its initial public offering on May 22, 2025, with private placement units sold at $10.00 per unit. Proceeds from the IPO and private placement are held in trust pending completion of an initial business combination. Cal Redwood has no operating revenues, no full-time employees, and no commercial products or services. Its sponsor is Cal Redwood Sponsor LLC, a Delaware limited liability company. Officers include Vivek Ranadivé, Daven Patel, James Chan, and Raymond Dong, none of whom are obligated to devote a fixed number of hours to the company's affairs. The company is classified as an emerging growth company and smaller reporting company under SEC rules as of the 10-K filed March 31, 2026.

Revenue model

No operating revenue. The company holds IPO and private placement proceeds in trust and generates no income from products or services prior to completing a business combination. Sponsor loans of up to $2,500,000 may be converted into private placement units at $10.00 per unit at the lender's option.

Products and services

No products or services. The company's sole activity is sourcing, evaluating, and executing an initial business combination with a target business. Securities issued include Class A ordinary shares, Class B ordinary shares (founder shares), units, and Share Rights.

Customers and end markets

No customers or end markets. The company has no commercial operations prior to a business combination.

Value-chain role

SPAC vehicle providing a publicly listed acquisition structure. The sponsor, Cal Redwood Sponsor LLC, and affiliated non-managing sponsor investors funded private placement units at $10.00 per unit, with $3,000,000 raised from non-managing sponsor investors in the private placement that closed simultaneously with the IPO on May 22, 2025.

Geographic exposure

Incorporated in the Cayman Islands. Sponsor entity domiciled in Delaware. No operational geographic footprint disclosed in the 10-K filed March 31, 2026.

Source: SEC 10-K, filed 2026-03-31

Industry: Blank Checks