Acri Capital Acquisition Corporation and Foxx Development Inc. Announce Business Combination Approval by Acri Capital Acquisition Corporation Stockholders
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) ha annunciato che gli azionisti hanno approvato la sua combinazione aziendale con Foxx Development Inc., un'azienda di elettronica di consumo e soluzioni IoT. Durante la riunione straordinaria, il 96,9% dei voti è stato favorevole alla fusione. L'entità combinata sarà rinominata Foxx Development Holdings Inc. e si prevede che venga quotata su Nasdaq con i simboli FOXX e FOXXW per le azioni ordinarie e i warrant, rispettivamente. Si prevede che la transazione si concluderà nel prossimo mese, previa soddisfazione delle condizioni di chiusura. Questa fusione rappresenta un passo significativo per entrambe le aziende, creando potenzialmente sinergie nei settori dell'elettronica di consumo e dell'IoT.
Acri Capital Acquisition (Nasdaq: ACAC) anunció que los accionistas han aprobado su combinación empresarial con Foxx Development Inc., una empresa de electrónica de consumo y soluciones IoT. En la reunión especial, el 96.9% de los votos se emitió a favor de la fusión. La entidad combinada se renombrará Foxx Development Holdings Inc. y se espera que cotice en Nasdaq con los símbolos FOXX y FOXXW para las acciones ordinarias y los warrants, respectivamente. Se anticipa que la transacción se cierre en el próximo mes, sujeta al cumplimiento de las condiciones de cierre. Esta fusión marca un paso significativo para ambas empresas, potencialmente creando sinergias en los sectores de electrónica de consumo e IoT.
Acri Capital Acquisition (Nasdaq: ACAC)는 주주들이 Foxx Development Inc.와의 사업 결합을 승인했다고 발표했습니다. 특별 회의에서 96.9%의 투표가 합병에 찬성했습니다. 결합된 법인은 Foxx Development Holdings Inc.로 이름이 변경되며, 일반 주식과 워런트를 각각 FOXX와 FOXXW 기호로 Nasdaq에서 거래될 것으로 예상됩니다. 이 거래는 마감 조건을 충족하는 것을 전제로 다음 달 내에 완료될 것으로 예상됩니다. 이번 합병은 양사 모두에게 중요한 단계로, 전자 제품 및 IoT 분야에서 시너지를 창출할 가능성이 있습니다.
Acri Capital Acquisition (Nasdaq: ACAC) a annoncé que les actionnaires avaient approuvé sa combinaison d'affaires avec Foxx Development Inc., une entreprise d'électronique grand public et de solutions IoT. Lors de la réunion extraordinaire, 96,9% des votes ont été exprimés en faveur de la fusion. L'entité combinée sera renommée Foxx Development Holdings Inc. et devrait être cotée au Nasdaq sous les symboles FOXX et FOXXW pour les actions ordinaires et les bons de souscription, respectivement. La transaction devrait être finalisée dans le mois prochain, sous réserve du respect des conditions de clôture. Cette fusion représente une étape significative pour les deux entreprises, créant potentiellement des synergies dans les secteurs de l'électronique grand public et de l'IoT.
Acri Capital Acquisition (Nasdaq: ACAC) hat bekannt gegeben, dass die Aktionäre ihre Unternehmensverbindung mit Foxx Development Inc., einem Unternehmen für Unterhaltungselektronik und IoT-Lösungen, genehmigt haben. Auf der außerordentlichen Sitzung stimmten 96,9% der Stimmen für die Fusion. Die kombinierte Einheit wird umbenannt in Foxx Development Holdings Inc. und soll an der Nasdaq unter den Symbolen FOXX und FOXXW für Stammaktien und Optionsscheine gehandelt werden. Der Abschluss der Transaktion wird innerhalb des nächsten Monats erwartet, vorbehaltlich der Erfüllung der Abschlussbedingungen. Diese Fusion stellt einen bedeutenden Schritt für beide Unternehmen dar und könnte Synergien in den Bereichen Unterhaltungselektronik und IoT schaffen.
- High approval rate of 96.9% from stockholders for the business combination
- Potential for increased market presence through the merger of a SPAC and an established IoT company
- Upcoming Nasdaq listing under new ticker symbols FOXX and FOXXW, potentially increasing visibility and liquidity
- Closing of the transaction is still subject to satisfying certain conditions
- Potential integration challenges and costs associated with merging two companies
- Possible dilution for existing shareholders due to the SPAC merger structure
The approval of the business combination between Acri Capital Acquisition and Foxx Development Inc. is a significant development for both entities. With
This move could potentially provide Foxx with increased capital and market visibility, which are important for growth in the competitive consumer electronics and IoT solutions sector. However, investors should closely monitor the post-merger performance, as SPAC mergers have shown mixed results historically. The success will largely depend on Foxx's ability to leverage this opportunity for expansion and deliver on its business promises in the IoT space.
Foxx Development's focus on integrated IoT solutions positions it at the forefront of a rapidly growing market. The IoT sector is projected to reach
However, the consumer electronics market is highly competitive, with established players like Apple and Samsung dominating. Foxx will need to demonstrate unique value propositions and technological advantages to carve out its niche. The success of this merger will hinge on Foxx's ability to innovate and scale its IoT solutions effectively in this dynamic tech landscape.
The merger's approval comes at an interesting time for the IoT and consumer electronics markets. With increasing smart home adoption and industrial IoT applications, Foxx is positioned to tap into growing demand. However, economic uncertainties and potential supply chain disruptions could pose challenges.
Investor sentiment towards SPACs has cooled since their peak, so Foxx will need to prove its worth quickly. The key success factors will be Foxx's ability to demonstrate revenue growth, market share gains and technological differentiation. Investors should watch for early financial results post-merger and any significant partnerships or product launches that could indicate Foxx's competitive positioning in the IoT ecosystem.
Austin, TX, Aug. 27, 2024 (GLOBE NEWSWIRE) -- Acri Capital Acquisition Corporation (the “Company”) (Nasdaq: ACAC), a special purpose acquisition company, today announced that, their previously announced business combination (the "Business Combination") with Foxx Development Inc. (“Foxx”), a consumer electronics and integrated Internet-of-Things (IoT) solution company catering to both retail and institutional clients, was approved at a special meeting of stockholders (the "Special Meeting") of the Company on August 27, 2024. Approximately
Subject to the satisfaction of closing conditions, the transaction is expected to close in the following month. The combined company will be renamed as “Foxx Development Holdings Inc.”, and its shares of common stock and warrants are expected to begin trading on the Nasdaq under the symbols “FOXX” and “FOXXW”, respectively, once the transaction is closed.
About Acri Capital Acquisition Corporation
Acri Capital Acquisition Corporation is a blank check company, also commonly referred to as a special purpose acquisition company, or SPAC, formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses with one or more businesses or entities.
About Foxx Development Inc.
Foxx, established in 2017 as a Texas incorporated company, is a consumer electronics and integrated Internet-of-Things (IoT) solution company catering to both retail and institutional clients. With robust research and development capabilities and a strategic commitment to cultivating long-term partnerships with mobile network operators, distributors and suppliers around the world, FOXX currently sells a diverse range of products including mobile phones, tablets and other consumer electronics devices throughout the United States, and is in the process of developing and distributing end-to-end communication terminals and IoT solutions.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of section 27A of the U.S. Securities Act of 1933, as amended (the “Securities Act”), and section 21E of the U.S. Securities Exchange Act of 1934 (“Exchange Act”) that are based on beliefs and assumptions and on information currently available to ACAC, Foxx and/or PubCo. In some cases, you can identify forward-looking statements by the following words: “may,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “continue,” “ongoing,” “target,” “seek” or the negative or plural of these words, or other similar expressions that are predictions or indicate future events or prospects, although not all forward-looking statements contain these words. Any statements that refer to expectations, projections or other characterizations of future events or circumstances, including the consummation of the transactions under the business combination agreement, projections of market opportunity and market share, the capability of Foxx’s business plans including its plans to expand, the sources and uses of cash from the proposed transactions, the anticipated enterprise value of the combined company following the consummation of the proposed transactions, any benefits of Foxx’s partnerships, strategies or plans as they relate to the proposed transactions, anticipated benefits of the proposed transactions and expectations related to the terms and timing of the proposed transactions are also forward-looking statements. These statements involve risks, uncertainties and other factors that may cause actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by these forward-looking statements. Although each of ACAC, Foxx and PubCo believes that it has a reasonable basis for each forward-looking statement contained in this communication, each of ACAC, Foxx and PubCo cautions you that these statements are based on a combination of facts and factors currently known and projections of the future, which are inherently uncertain. In addition, there will be risks and uncertainties described in the Registration Statement. These filings may identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Neither ACAC nor Foxx can assure you that the forward-looking statements in this communication will prove to be accurate. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, the ability to complete the transactions due to the failure to obtain approval from ACAC’s stockholders or satisfy other closing conditions in the business combination agreement, the occurrence of any event that could give rise to the termination of the business combination agreement, the ability to recognize the anticipated benefits of the transactions, the amount of redemption requests made by ACAC’s public stockholders, costs related to the transactions, the impact of the global COVID-19 pandemic, the risk that the transaction disrupts current plans and operations as a result of the announcement and consummation of the transactions, the outcome of any potential litigation, government or regulatory proceedings and other risks and uncertainties, including those included under the heading “Risk Factors” in the Registration Statement on Form S-4 (File No. 333-280613) that was filed publicly by the PubCo with the SEC in connection with the Business Combination and was declared effective by the SEC on July 26, 2024, ACAC’s Annual Report on Form 10-K filed with the SEC on March 22, 2024 (the “Form 10-K”), ACAC’s final prospectus dated June 10, 2022 filed with the SEC (the “Final Prospectus”) related to ACAC’s initial public offering, and in its subsequent quarterly reports on Form 10-Q and other filings with the SEC. There may be additional risks that neither ACAC or Foxx presently know or that ACAC and Foxx currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by ACAC, Foxx, their respective directors, officers or employees or any other person that ACAC and Foxx will achieve their objectives and plans in any specified time frame, or at all. The forward-looking statements in this press release represent the views of ACAC and Foxx as of the date of this communication. Subsequent events and developments may cause those views to change. However, while ACAC and Foxx may update these forward-looking statements in the future, there is no current intention to do so, except to the extent required by applicable law. You should, therefore, not rely on these forward-looking statements as representing the views of ACAC or Foxx as of any date subsequent to the date of this communication.
Company Contact:
Acri Capital Acquisition Corporation
Ms. “Joy” Yi Hua, Chairwoman
Email: acri.capital@gmail.com
Investor Relations Contact:
International Elite Capital
Annabelle Zhang
Telephone: +1(646) 866-7989
Email: acri@iecapitalusa.com
Foxx Contact:
Foxx Development Inc.
Greg Foley, CEO
Telephone: +1(201) 962-5550
Email: greg.foley@foxxusa.com
FAQ
What is the approval rate for Acri Capital Acquisition 's business combination with Foxx Development?
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