Acri Capital Acquisition Corporation Announces Extension of the Deadline for an Initial Business Combination

Rhea-AI Summary

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.

Austin, Texas, Sept. 13, 2024 (GLOBE NEWSWIRE) -- Acri Capital Acquisition Corporation (the “Company”) (Nasdaq: ACAC), a special purpose acquisition company, today announced that, in order to extend the date by which the Company must complete its initial business combination from September 14, 2024 to October 14, 2024, the Company received in its trust account (the “Trust Account”) an aggregate of $50,000 (the “New Monthly Extension Payment”) from Foxx Development Inc., the target of the Company’s business combination.

Pursuant to the Company’s Amended and Restated Certificate of Incorporate currently in effect, the Company may extend on monthly basis from April 14, 2024 until January 14, 2025 or such an earlier date as may be determined by its board to complete a business combination by depositing the New Monthly Extension Payment for each month into the Trust Account.

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.

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

What is the new deadline for Acri Capital Acquisition 's initial business combination?

The new deadline for Acri Capital Acquisition (ACACU) to complete its initial business combination is October 14, 2024, extended from the previous date of September 14, 2024.

How much was deposited into the trust account for the extension?

Foxx Development Inc. deposited $50,000 into Acri Capital Acquisition 's trust account to extend the deadline for the initial business combination.

Who provided the funds for Acri Capital Acquisition 's deadline extension?

Foxx Development Inc., the target of Acri Capital Acquisition 's business combination, provided the $50,000 for the deadline extension.

What is the maximum extension period for Acri Capital Acquisition 's business combination?

According to the announcement, Acri Capital Acquisition (ACACU) can extend its deadline monthly from April 14, 2024, until January 14, 2025, or an earlier date as determined by its board.

How does Acri Capital Acquisition 's extension mechanism work?

Acri Capital Acquisition (ACACU) can extend its deadline monthly by depositing a New Monthly Extension Payment of $50,000 into its Trust Account for each additional month, as per its Amended and Restated Certificate of Incorporation.