Acri Capital Acquisition Corporation and Foxx Development's Strategic Merger
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Acri Capital Acquisition Corporation and Foxx Development: Business Combination Approved
Acri Capital Acquisition Corporation (the “Company”) (Nasdaq: ACAC), a special purpose acquisition company, has announced that their business combination with Foxx Development Inc. (“Foxx”), a leader in consumer electronics and integrated Internet-of-Things (IoT) solutions, has been overwhelmingly approved. During a special meeting of stockholders, approximately 96.9% of the votes cast were in favor of this strategic merger.
Details of the Business Combination
The approval marks a significant milestone for both companies, as this merger is expected to close soon, contingent on the satisfaction of closing conditions. Once finalized, the newly combined entity will operate under the name “Foxx Development Holdings Inc.”. Following the close of the transaction, the common stock and warrants of the combined company are set to begin trading on the Nasdaq with the new ticker symbols “FOXX” and “FOXXW,” enhancing the visibility of the organization in the capital markets.
Company Insights
Acri Capital Acquisition Corporation is known for its role as a blank check company, otherwise referred to as a special purpose acquisition company (SPAC). Its purpose is to facilitate mergers, acquisitions, capital stock exchanges, and similar business combinations with various businesses or entities. This merger with Foxx Development signifies Acri's commitment to expanding its portfolio in the fast-evolving technology sector.
About Foxx Development Inc.
Founded in 2017, Foxx Development Inc. has positioned itself as a prominent player in the consumer electronics market. The company specializes in providing integrated IoT solutions tailored to both retail and institutional clients. Foxx's robust research and development capabilities empower the company to innovate and enhance its product offerings.
Wide Range of Products
Foxx develops and sells a diverse array of consumer electronics products including mobile phones and tablets across the United States. Additionally, the company is actively engaged in the development of end-to-end communication terminals and IoT solutions, which are essential in supporting the connectivity needs of modern consumers.
Future Prospects
The merger between Acri Capital Acquisition Corporation and Foxx Development is anticipated to create significant growth opportunities for both entities. By combining their resources and expertise, they aim to leverage emerging market trends and improve product offerings.
Strategic Partnerships
Foxx is committed to cultivating long-term partnerships with mobile network operators, distributors, and suppliers globally. This strategic direction places Foxx in an advantageous position to capitalize on future consumer trends and technological advancements within the IoT landscape.
Company Contacts
For further inquiries and information, please 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
Foxx Development Inc. Contact:
Greg Foley, CEO
Telephone: +1(201) 962-5550
Email: greg.foley@foxxusa.com
Frequently Asked Questions
What is the significance of the business combination between Acri and Foxx?
The business combination aims to create a stronger entity capable of leveraging resources and expertise in consumer electronics and IoT solutions.
What will the new name of the combined company be?
Once the transaction is finalized, the combined company will be named “Foxx Development Holdings Inc.”.
When is the expected closing date for the transaction?
The transaction is expected to close in the following month, subject to the satisfaction of closing conditions.
What are the anticipated trading symbols for the new company?
The common stock and warrants are expected to trade under the symbols “FOXX” and “FOXXW” respectively.
Who can be contacted for more information about the companies?
For detailed inquiries, the contact information for both Acri Capital Acquisition Corporation and Foxx Development Inc. is provided in the article.
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