- Business
- Acri Capital Acquisition Corporation (Nasdaq: ACACU) is a blank check company, or special purpose acquisition company, 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, targeting technology-enabled sectors including e-commerce, financial services, educational technology services, or health information services in North America; it offers no significant standalone operations or products beyond its SPAC structure of Class A common stock and redeemable warrants. Incorporated in 2022 as a Delaware corporation and headquartered in Austin, Texas, the company completed its initial public offering in 2022, raising $86.25 million through 8.625 million units at $10 each. In September 2024, Acri Capital finalized a reverse merger with Foxx Development Inc., a Texas-based consumer electronics and integrated Internet-of-Things (IoT) solutions provider serving retail and institutional clients; post-merger, the combined entity operates as Foxx Development Holdings Inc. (Nasdaq: FOXX), marking the SPAC's primary strategic completion with stockholder approval in August 2024 and Nasdaq listing of the new common stock and warrants thereafter.