SCHEDULE: TD Bank Group Divests Entire Stake in Oak Woods Acquisition Corp

TD Bank and its subsidiaries have reported a complete divestment of their beneficial ownership in Oak Woods Acquisition Corp, now holding 0% of Class A Ordinary Shares.

Summary

• TD Securities (USA) LLC, Toronto Dominion Holdings (USA) Inc., TD Group US Holdings LLC, and Toronto Dominion Bank (collectively, the 'TD Bank Group') have filed an Amendment No. 1 to Schedule 13G.
• The filing indicates that as of September 30, 2025, the TD Bank Group beneficially owns 0.00 Class A Ordinary Shares of Oak Woods Acquisition Corp.
• This represents 0% of the Class A Ordinary Shares of Oak Woods Acquisition Corp.
• The reporting persons certify that the securities were acquired and held in the ordinary course of business and not for the purpose of changing or influencing control of the issuer.
• The filing clarifies the ownership structure within the TD Bank Group: Toronto Dominion Holdings (USA) Inc. is the sole owner of TD Securities (USA) LLC; TD Group US Holdings LLC is the sole owner of Toronto Dominion Holdings (USA) Inc.; and Toronto Dominion Bank is the sole owner of TD Group US Holdings LLC.

Sentiment

Score: 3

Explanation: The sentiment is negative because a major institutional investor group has completely divested its stake, which typically signals a lack of confidence or a strategic exit from the investment.

Negatives

• The complete divestment by a significant institutional investor group (TD Bank Group) could signal a lack of confidence or a strategic exit from the investment in Oak Woods Acquisition Corp.

Future Outlook

The filing does not contain any forward-looking statements or guidance regarding Oak Woods Acquisition Corp's future outlook.

Management Comments

• "To the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11."

Industry Context

This filing reflects a change in institutional investment holdings rather than a direct operational or strategic update from Oak Woods Acquisition Corp. The divestment by a major financial institution like TD Bank Group could be interpreted within the broader context of SPAC market sentiment or specific evaluations of Oak Woods Acquisition Corp's prospects.

Stakeholder Impact

• Shareholders: The complete divestment by a major institutional investor could lead to negative market sentiment and potentially impact the share price.
• Management: May need to address investor concerns regarding the institutional exit and reinforce confidence in the company's strategy.

Key Dates

Recommendation

The complete divestment by a major institutional investor group like TD Bank, reducing their stake to 0%, is a strong negative signal. This action by a sophisticated investor suggests a lack of confidence in the company's future performance or strategic direction. For a seasoned investor, such a significant institutional exit would typically warrant a 'sell' recommendation, especially if there are no immediate positive catalysts or strong fundamental reasons to hold the stock.

Keywords

Oak Woods Acquisition Corp, TD Bank, Schedule 13G, Beneficial Ownership, Divestment, Class A Ordinary Shares, Institutional Investor