Acri Capital Acquisition Corporation Announces Postponement of Special Meeting of Stockholders Until February 8, 2023

Rhea-AI Summary

Acri Capital Acquisition Corporation (Nasdaq: ACAC), a special purpose acquisition company, has postponed its special meeting of stockholders originally set for January 26, 2023, to February 8, 2023. The meeting will address proposals including an amendment to the company’s charter regarding the monthly deposit required in the trust account, which will increase from $0.0333 to $0.0625 per public share. The record date for eligible voters remains December 28, 2022. Additionally, the company has extended the deadline for stockholders to redeem shares related to this amendment until February 6, 2023.

Positive

• The extension of the special meeting allows more time for stockholders to consider the proposed changes.
• The increase in monthly deposits aims to strengthen the trust account, potentially enhancing stockholder confidence.

Negative

• The postponement might indicate challenges in finalizing the business combination ahead of the deadline.

Austin, Texas, Jan. 25, 2023 (GLOBE NEWSWIRE) -- Acri Capital Acquisition Corporation (the “Company”) (Nasdaq: ACAC), a special purpose acquisition company, today announced that, upon the approval of its Board of Directors, it has postponed the special meeting of stockholders scheduled to occur on January 26, 2023 (the “Special Meeting”) until February 8, 2023 at 9:00 a.m., Eastern Time, at the same location and with the same dial-in information as set forth in the Proxy Statement (as defined below).

On January 12, 2023, the Company filed a Definitive Proxy Statement on Schedule 14A (the “Proxy Statement”) with the Securities and Exchange Commission (the “SEC”) with respect to the Special Meeting to vote on, among other things, a proposal to amend the Company’s amended and restated certificate of incorporation (the “Charter”) to amend the amount of monthly deposit required to be deposited in the trust account from $0.0333 for each public share to $0.0625 for each public share for up to nine (9) times if the Company has not consummated its initial business combination by March 14, 2023 (such amendment to the Charter, the “Extension Amendment”).  The record date for determining the Company stockholders entitled to receive notice of and to vote at the Special Meeting remains the close of business on December 28, 2022 (the “Record Date”). Stockholders who have previously submitted their proxies or otherwise voted and who do not want to change their vote need not take any action. Stockholders as of the Record Date can vote, even if they have subsequently sold their shares. In connection with the postponement of the Special Meeting, the Company has further extended the deadline for holders of the Company’s public shares issued in the Company’s initial public offering to submit their shares for redemption in connection with the Extension Amendment to 5:00 p.m. Eastern Time on February 6, 2023.

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, provided that it will not undertake its initial business combination with any entity being based in or having the majority of its operations in China (including Hong Kong and Macau).

Additional Information and Where to Find It

The Company urges investors, stockholders and other interested persons to read the Proxy Statement, as well as other documents filed by the Company with the SEC. These documents contain important information about the Company and the Extension Amendment. Stockholders may obtain copies of the Proxy Statement, without charge, at the SEC’s website at www.sec.gov or by directing a request to Acri Capital Acquisition Corporation, 13284 Pond Springs Rd, Ste 405, Austin, Texas 78729.

No Offer or Solicitation

This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or with respect to the Extension Amendment and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of the Company, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Participants in Solicitation

The Company and its directors, executive officers and other members of their management and employees may be deemed to be participants in the solicitation of proxies of the Company’s stockholders in connection with the Extension Amendment. Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of the Company’s directors and officers in the Proxy Statement, which may be obtained free of charge from the sources indicated above.

Cautionary Statement Regarding Forward-Looking Statements

This Press Release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future financial and operating results, our plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimated,” “believe,” “intend,” “plan,” “projection,” “outlook” or words of similar meaning. Such forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control. Actual results and the timing of events may differ materially from the results anticipated in these forward-looking statements.

Contact Information

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

FAQ

Why was the special meeting of Acri Capital Acquisition Corporation postponed?

The special meeting scheduled for January 26, 2023, was postponed to February 8, 2023, to allow stockholders more time to consider the proposed charter amendments.

What is the new deadline for stockholder share redemption regarding the Extension Amendment?

The new deadline for stockholders to submit their shares for redemption is 5:00 p.m. Eastern Time on February 6, 2023.

What changes are proposed in the Proxy Statement for Acri Capital Acquisition Corporation?

The Proxy Statement proposes increasing the monthly deposit in the trust account from $0.0333 to $0.0625 per public share.

What is the significance of the Extension Amendment for Acri Capital Acquisition Corporation?

The Extension Amendment aims to extend the timeframe for consummating the initial business combination, potentially enhancing the company's strategic options.