Welcome to our dedicated page for Acri Capital Acquisition Corporation Warrant news (Ticker: ACACW), a resource for investors and traders seeking the latest updates and insights on Acri Capital Acquisition Corporation Warrant stock.
Acri Capital Acquisition Corporation Warrant (ACACW) is a financial instrument associated with Acri Capital Acquisition Corporation, a special purpose acquisition company (SPAC) incorporated in Delaware. The corporation, also known as a blank check company, was established with the primary objective of merging, acquiring assets, exchanging shares, purchasing stock, reorganizing, or combining with one or more businesses. Notably, it avoids business combinations with entities operating predominantly in China, including Hong Kong and Macau.
Founded in October 2020, Acri Capital has demonstrated a proactive approach in the financial market. The company embarked on its initial public offering (IPO) in June 2022, raising significant capital for future business endeavors. The units initially traded under the ticker symbol “ACACU,” with warrants specifically trading under “ACACW” upon separation. Each unit consisted of one share of Class A common stock and half of one redeemable warrant, with each full warrant allowing the purchase of one share at $11.50.
One of the corporation's key strategic moves includes its business combination agreement with Foxx Development Inc., an innovative player in the consumer electronics and IoT solutions sector. This merger, announced in February 2024, is expected to enhance Acri Capital's business footprint and integrate cutting-edge technology and products into its portfolio. Foxx Development, established in 2017, is known for its robust R&D capabilities and strategic partnerships with global mobile operators, offering products like mobile phones, tablets, and IoT solutions across the United States.
The anticipated completion of this merger in the second quarter of 2024 will result in a combined company listed on Nasdaq, enhancing market reach and potential for growth. The merger terms include a $50,000,000 consideration paid in newly issued common stock of the combined entity, with additional shares being issued upon achieving certain financial milestones.
In terms of financial updates, Acri Capital has shown resilience and adaptability. For instance, in January 2023, the corporation extended its business combination deadline, ensuring ample time to identify and finalize suitable acquisitions. Moreover, the company’s strategic steps, such as extending the business combination deadlines and securing additional capital through warrant exercises, underscore its commitment to achieving optimal shareholder value.
For more information, stakeholders and investors are encouraged to review the company’s filings with the U.S. Securities and Exchange Commission (SEC) and other regulatory announcements available on their official website and financial news portals.
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.
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