Welcome to our dedicated page for Acri Capital Acquisition Corporation news (Ticker: ACAC), a resource for investors and traders seeking the latest updates and insights on Acri Capital Acquisition Corporation stock.
Acri Capital Acquisition Corporation (NASDAQ: ACAC) is a blank check company, also commonly referred to as a special purpose acquisition company (SPAC), formed with the intent of merging, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. Incorporated in Delaware and headquartered in Austin, Texas, Acri Capital focuses on identifying opportunities in various sectors while specifically excluding entities based in, or having the majority of their operations in, China (including Hong Kong and Macau).
On June 9, 2022, Acri Capital Acquisition Corporation announced the pricing of its initial public offering at $10.00 per unit, subsequently raising approximately $86.25 million. Each unit consists of one share of Class A common stock and one-half of one redeemable warrant, with the warrants exercisable at a price of $11.50 per share. The units began trading on the Nasdaq Global Market under the ticker symbol ‘ACACU’ on June 10, 2022.
In February 2024, Acri Capital entered into a definitive business combination agreement with Foxx Development Inc., a Texas-based consumer electronics and integrated Internet-of-Things (IoT) solutions company. Foxx, established in 2017, caters to both retail and institutional clients, offering a range of products including mobile phones, tablets, and other consumer electronics devices throughout the United States. The merger is expected to significantly bolster Foxx's capabilities in delivering innovative products and expanding its market presence.
The leadership team at Acri Capital is spearheaded by CEO and Chairwoman ‘Joy’ Yi Hua, who brings extensive experience in financial markets and corporate management to the company. Acri Capital's strategic vision is to leverage its financial foundation to partner with mission-driven companies poised to disrupt expanding markets through technological innovation.
Acri Capital’s ongoing projects involve actively searching for suitable business combination targets across diverse industries, with a focus on fostering long-term growth and value creation for its shareholders. The company underscores its commitment to strict regulatory compliance and corporate governance as it navigates the complexities of the contemporary financial landscape.
The company has laid out a roadmap to ensure smooth transitions during its business combinations, with careful attention to the financial and operational integration of its merger targets. By fostering robust partnerships and leveraging its capital, Acri Capital aims to propel its merged entities to greater heights, ensuring sustainable growth and enhanced shareholder value.
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.
Acri Capital Acquisition Corporation has completed its initial public offering (IPO), raising $86,250,000 through the sale of 8,625,000 units at $10.00 per unit. Each unit comprises one share of Class A common stock and one-half of a redeemable warrant, with warrants having an exercise price of $11.50. The units began trading on Nasdaq under the symbol ACACU on June 10, 2022. EF Hutton acted as the sole book-running manager for this offering. Acri Capital plans to pursue a merger or acquisition, focusing on businesses not primarily operating in China.
Acri Capital Acquisition Corporation has priced its IPO at $10.00 per unit, offering 7,500,000 units consisting of shares of Class A common stock and redeemable warrants. The units will trade on Nasdaq under the symbol ACACU starting June 10, 2022, with separate trading for Class A common stock (ACAC) and warrants (ACACW). The IPO is expected to close on June 14, 2022, pending customary conditions. EF Hutton is the sole book-running manager and the underwriters have an over-allotment option of 1,125,000 units.
PLAYSTUDIOS, Inc. has completed its business combination with Acies Acquisition Corp. (Nasdaq: ACAC, MYPS, MYPSW), approved on June 17, 2021. Starting June 22, 2021, PLAYSTUDIOS’ Class A shares will trade on Nasdaq under MYPS. With $220 million in cash, the company aims to expand product development and acquire gaming firms. The loyalty program, playAWARDS, allows players to earn real-world rewards, totaling over 11 million rewards valued at nearly $500 million to date. Andrew Pascal continues as CEO, supported by a seasoned management team.
Acies Acquisition Corp. (Nasdaq: ACAC) announced that its shareholders approved the merger with PLAYSTUDIOS, Inc., a developer of casual mobile games that rewards players with real-world prizes. Approximately 97% of votes favored the merger, which is expected to close soon. Following the merger, the combined company's shares will trade under the ticker MYPS on Nasdaq. Acies' Co-CEOs expressed confidence that PLAYSTUDIOS is well-positioned for growth and will focus on expanding its game portfolio and pursuing value-enhancing acquisitions.
Acies Acquisition Corp. (Nasdaq: ACAC) announced a Special Meeting for shareholders to approve its business combination with PLAYSTUDIOS, Inc. The meeting is set for June 17, 2021, pending shareholder approval. The SEC has declared effective Acies' Registration Statement, including a definitive proxy statement to be distributed to shareholders by May 14, 2021. Following the business combination, PLAYSTUDIOS' stock and warrants will trade under the new symbols 'MYPS' and 'MYPSW'. Acies reports PLAYSTUDIOS showed a 27% revenue growth in 2021.
PLAYSTUDIOS, a developer of free-to-play casual games, reported a strong financial performance for Q1 2021, with revenue of $74.1 million, marking a 27.1% increase year-over-year. Net income rose to $5.9 million, up 7.8% compared to the previous year. The company's AEBITDA reached $14.5 million, a 7.7% increase from Q1 2020. New game launches, including myVEGAS Bingo and Kingdom Boss, are set to drive growth in rapidly expanding categories. The anticipated business combination with Acies Acquisition Corp is expected to close in Q2 or Q3 2021, positioning PLAYSTUDIOS for continued success.
PLAYSTUDIOS, a developer of free-to-play casual games, announced preliminary results for Q4 and the full year ended December 31, 2020. The company expects Q4 revenue of $64.0 million and a full-year revenue of $269.9 million, reflecting 12.9% and 12.7% year-over-year growth. A net loss of $10.8 million was reported for Q4, influenced by restructuring costs. Adjusted EBITDA for Q4 is forecasted at $1.8 million, down 66.1% year-over-year. Looking forward, the company anticipates growth driven by the launch of myVEGAS Bingo.
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