Acri Capital Acquisition announced that its sponsor deposited $50,000 into trust to extend its initial business combination deadline from June 14 to July 14. The SPAC can continue extending, as necessary, up to Jan. 14, 2025, provided the deposits continue to be made.
The SPAC has a merger agreement with Foxx Development, a Texas-based consumer electronics and integrated Internet-of-Things (IoT) solution company.
Acri announced the deal with Foxx in February. Terms call for the SPAC to issue $50 million in stock. In addition, up to 4.2 million earnout shares may be issued to Foxx stockholders upon achievement of certain financial performance milestones for the fiscal years ending June 30, 2024 and June 30, 2025.
If approved, upon closing the combined company expects to list on the Nasdaq.
Established in 2017, Foxx caters to both retail and institutional clients. The company sells a range of products including mobile phones, tablets and other consumer electronics devices throughout the United States, and is in the process of developing and distributing end-to-end communication terminals and IoT solutions.
Acri had raised $86.25 million in its June 2022 IPO, with plans to target technology-enabled sectors in North America. The SPAC last year stepped down to the Nasdaq Capital Market after falling below the Nasdaq’s $50 million minimum market cap requirement. Read more.
