Welcome to our dedicated page for Acri Capital Acquisition Corporation news (Ticker: ACAC), a resource for investors and traders seeking the latest updates and insights on Acri Capital Acquisition Corporation stock.
Acri Capital Acquisition Corporation (NASDAQ: ACAC) is a blank check company, also commonly referred to as a special purpose acquisition company (SPAC), formed with the intent of merging, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. Incorporated in Delaware and headquartered in Austin, Texas, Acri Capital focuses on identifying opportunities in various sectors while specifically excluding entities based in, or having the majority of their operations in, China (including Hong Kong and Macau).
On June 9, 2022, Acri Capital Acquisition Corporation announced the pricing of its initial public offering at $10.00 per unit, subsequently raising approximately $86.25 million. Each unit consists of one share of Class A common stock and one-half of one redeemable warrant, with the warrants exercisable at a price of $11.50 per share. The units began trading on the Nasdaq Global Market under the ticker symbol ‘ACACU’ on June 10, 2022.
In February 2024, Acri Capital entered into a definitive business combination agreement with Foxx Development Inc., a Texas-based consumer electronics and integrated Internet-of-Things (IoT) solutions company. Foxx, established in 2017, caters to both retail and institutional clients, offering a range of products including mobile phones, tablets, and other consumer electronics devices throughout the United States. The merger is expected to significantly bolster Foxx's capabilities in delivering innovative products and expanding its market presence.
The leadership team at Acri Capital is spearheaded by CEO and Chairwoman ‘Joy’ Yi Hua, who brings extensive experience in financial markets and corporate management to the company. Acri Capital's strategic vision is to leverage its financial foundation to partner with mission-driven companies poised to disrupt expanding markets through technological innovation.
Acri Capital’s ongoing projects involve actively searching for suitable business combination targets across diverse industries, with a focus on fostering long-term growth and value creation for its shareholders. The company underscores its commitment to strict regulatory compliance and corporate governance as it navigates the complexities of the contemporary financial landscape.
The company has laid out a roadmap to ensure smooth transitions during its business combinations, with careful attention to the financial and operational integration of its merger targets. By fostering robust partnerships and leveraging its capital, Acri Capital aims to propel its merged entities to greater heights, ensuring sustainable growth and enhanced shareholder value.
Acri Capital Acquisition (Nasdaq: ACAC), a special purpose acquisition company, has announced an extension of its deadline for completing an initial business combination. The new deadline has been moved from September 14, 2024, to October 14, 2024.
To facilitate this extension, Foxx Development Inc., the target of the Company's business combination, has deposited $50,000 into the Company's trust account. This payment is part of the Company's provision allowing monthly extensions from April 14, 2024, until January 14, 2025, or an earlier date determined by the board.
The extension mechanism is outlined in the Company's Amended and Restated Certificate of Incorporation, which permits monthly extensions by depositing the required payment into the Trust Account for each additional month.
Acri Capital Acquisition (Nasdaq: ACAC) announced that stockholders have approved its business combination with Foxx Development Inc., a consumer electronics and IoT solutions company. The special meeting saw 96.9% of votes cast in favor of the merger. The combined entity will be renamed Foxx Development Holdings Inc. and is expected to trade on Nasdaq under the symbols FOXX and FOXXW for common stock and warrants, respectively. The transaction is anticipated to close within the next month, subject to satisfying closing conditions. This merger marks a significant step for both companies, potentially creating synergies in the consumer electronics and IoT sectors.
Acri Capital Acquisition (Nasdaq: ACAC), a special purpose acquisition company, announced an extension of the deadline for its initial business combination from July 14, 2024, to August 14, 2024. To facilitate this extension, Acri Capital Sponsor has deposited $50,000 into the company's trust account. According to the company's Amended and Restated Certificate of Incorporation, Acri Capital can extend the deadline on a monthly basis by making similar payments until January 14, 2025, or an earlier date as determined by its board. This extension allows Acri Capital additional time to finalize its business combination plans.
Acri Capital Acquisition (Nasdaq: ACAC), a special purpose acquisition company, announced an extension of its deadline for completing an initial business combination from June 14, 2024, to July 14, 2024.
This extension was made possible by a deposit of $50,000 into the company's trust account by Acri Capital Sponsor
Per the company's amended certificate, monthly extensions can continue until January 14, 2025, or an earlier date as decided by the board, with a $50,000 deposit required each month.
Acri Capital Acquisition has extended the deadline for its initial business combination from May 14, 2024 to June 14, 2024 by depositing $50,000 into its trust account. The company can continue extending the deadline monthly until January 14, 2025 or an earlier date as decided by its board.