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

Austin, Texas, April 10, 2024 (GLOBE NEWSWIRE) -- Acri Capital Acquisition Corporation (the “Company”) (Nasdaq: ACAC), a special purpose acquisition company, today announced that, in relation to its previously announced proposed business combination (the “Transaction”) with Foxx Development Inc. (“Foxx”), a Texas based consumer electronics and integrated Internet-of-Things (IoT) solution company, and pursuant to a certain business combination agreement (the “Business Combination Agreement”) by and among the Company, Acri Capital Merger Sub I Inc.(“PubCo”), Acri Capital Merger Sub II Inc., and Foxx dated February 18, 2024, on April 5, 2024, PubCo submitted a confidential draft of Registration Statement on Form S-4, including a preliminary proxy statement/prospectus (the “Registration Statement”), to the U.S. Securities and Exchange Commission (the “SEC”).

The Registration Statement contains a preliminary proxy statement and prospectus in connection with the Business Combination Agreement and proposed Transaction. While the Registration Statement has not yet become effective and the information contained therein is subject to change, it provides important information about Foxx, ACAC and the Transaction.

The Transaction is subject to, among other things, approval by ACAC’s stockholders, satisfaction of the conditions stated in the Business Combination Agreement and other customary closing conditions, including the Registration Statement being declared effective by the SEC, the receipt of certain regulatory approvals, and approval by the Nasdaq Stock Market LLC (“Nasdaq”) to list PubCo common stock.

ACAC also announced that, in order to extend the date by which the Company must complete its initial business combination from April 14, 2024 to May 14, 2024, Acri Capital Sponsor LLC, the sponsor of the Company, has deposited into its trust account (the “Trust Account”) an aggregate of $50,000 (the “New Monthly Extension Payment”).

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.