Company Overview - Acri Capital Acquisition Corporation is a special purpose acquisition company (SPAC) listed on the Nasdaq Global Market, focused on merging with innovative companies [1][9] - Foxx Development Inc. is a Texas-based consumer electronics and integrated Internet-of-Things (IoT) solution company, established in 2017, serving both retail and institutional clients [2][10] Business Combination Agreement - Acri and Foxx have entered into a definitive business combination agreement, which will result in a newly established subsidiary of Acri becoming a publicly listed company [1][6] - The merger consideration is set at 10.00 per share, with specific conditions for additional shares based on performance milestones [4][5] Equity Interests - Upon closing, Acri stockholders are expected to hold approximately 51.98% equity interest in the Combined Company, while Foxx stockholders will hold approximately 48.02%, subject to redemption scenarios [5] - In a maximum redemption scenario, Acri stockholders' equity interest could drop to approximately 30.13%, while Foxx stockholders' interest could rise to approximately 69.87% [5] Strategic Goals - The partnership aims to strengthen Foxx's financial foundation and support various growth initiatives, including product development and geographical expansion [3] - Foxx's vision focuses on enhancing technology's role in everyday life and tapping into a significant total addressable market [3] Transaction Timeline - The Proposed Transaction is expected to be completed in the second quarter of 2024, pending approvals from both Acri and Foxx stockholders, as well as regulatory approvals [6][11]
Acri Capital Acquisition Corporation Announces Definitive Business Combination Agreement with Foxx Development Inc.