Company Overview - Acri Capital Acquisition Corporation (ACAC) is a special purpose acquisition company (SPAC) focused on effecting mergers and business combinations with other businesses or entities [4] - Foxx Development Inc. is a Texas-based consumer electronics and integrated Internet-of-Things (IoT) solution company, established in 2017, catering to both retail and institutional clients [5] Transaction Details - ACAC announced a proposed business combination with Foxx Development Inc., with a business combination agreement dated February 18, 2024 [1] - A confidential draft of the Registration Statement on Form S-4, including a preliminary proxy statement/prospectus, was submitted to the U.S. Securities and Exchange Commission (SEC) on April 5, 2024 [1][2] - The transaction is subject to approval by ACAC's stockholders and other customary closing conditions, including SEC effectiveness and Nasdaq approval for listing PubCo common stock [2] Extension of Business Combination Deadline - ACAC extended the deadline for completing its initial business combination from April 14, 2024, to May 14, 2024, by depositing $50,000 into its trust account [3] - The company may continue to extend the deadline on a monthly basis until January 14, 2025, by making similar deposits [3]
Acri Capital Acquisition Corporation Announces Confidential Submission of Draft Registration Statement on Form S-4 and Extension of the Deadline for an Initial Business Combination