AUSTIN, Texas – Acri Capital Acquisition Corporation (NASDAQ:ACAC), a special purpose acquisition company (SPAC), announced today that it has secured an additional month to complete its initial business combination by depositing $50,000 into its trust account. The move extends the deadline from June 14, 2024, to July 14, 2024.
The company, which is structured as a SPAC, has been in the process of identifying and merging with a target company since its formation. SPACs are companies with no commercial operations that are established solely to raise capital through an initial public offering (IPO) for the purpose of acquiring an existing company.
According to Acri Capital's amended and restated certificate of incorporation, the company is allowed to extend the deadline to complete a business combination on a monthly basis, from April 14, 2024, until January 14, 2025. The extension requires the company to deposit a new monthly extension payment for each additional month needed to secure a business combination.
Acri Capital Acquisition Corporation was established as a blank check company with the intent to focus on effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses or entities.
The press release includes forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. These statements reflect the current views and expectations of management but are subject to various risks and uncertainties that could cause actual results to differ materially from those projected.
This news is based on a press release statement from Acri Capital Acquisition Corporation, which detailed the financial transaction and the company's ongoing efforts to finalize a business combination within the newly extended timeframe.
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