Acri Capital (NASDAQ: ACAC, ACACU, ACACW), a Delaware incorporated special purpose acquisition company listed on the Nasdaq Global Market, and Foxx Development Inc., a Texas-based consumer electronics and integrated Internet-of-Things (“IoT”) solution company, have announced their entry into a definitive business combination agreement. Under the agreement, a newly established subsidiary of Acri will become a publicly listed company combining Acri and Foxx (the “combined company”) upon the closing of the transaction, with expected listing of its common stock on the Nasdaq. “Acri’s inception revolved around the goal of identifying and partnering with companies led by visionary, mission-oriented leadership teams who harness the technology and innovation to disrupt thriving and expanding markets. In this context, Foxx is an ideal fit, aligning with our criteria,” said “Joy” Yi Hua, CEO and chairwoman of Acri. “We are glad to forge a partnership with Foxx, strengthening their financial foundation and enabling them to pursue a diverse range of growth initiatives, including product development, customer expansion, geographical reach, and industry innovation.”
To view the full press release, visit https://ibn.fm/hYdC8
About Acri Capital Acquisition Corporation
Acri Capital 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 or entities, provided that it will not undertake its initial business combination with any entity being based in or having the majority of its operations in China (including Hong Kong and Macau).
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