Acri Capital Acquisition Corp: debt financing — Acri Capital extends deadline to May 14, files S-4 for Foxx merger; 1.44M shares redeemed

Acri Capital Acquisition Corp

Stockholders approved charter amendment to extend deadline to April 14, 2024, with up to nine monthly extensions to Jan 14, 2025.
Sponsor deposited $50K for first monthly extension to May 14, 2024; issued $50K convertible promissory note.
1,439,666 shares of Class A common stock redeemed in connection with the extension vote.
PubCo confidentially submitted Form S-4 for the proposed business combination with Foxx Development Inc. on April 5, 2024.
Transaction subject to stockholder approval, SEC effectiveness, Nasdaq listing, and regulatory approvals.

item 1.01 item 2.03 item 5.03 item 5.07 item 7.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Acri Capital Acquisition Corp incurred loan of $50,000 with Acri Capital Sponsor LLC at non-interest bearing maturing the earlier of (i) consummation of the Company’s initial business combination and (ii) the date of the liquidation of the Company.

Instrument: loan
Principal: $50,000
Counterparty: Acri Capital Sponsor LLC
Rate: non-interest bearing
Maturity: the earlier of (i) consummation of the Company’s initial business combination and (ii) the date of the liquidation of the Company
Event: incurrence

Exact text from the filing

the Company issued an unsecured promissory note of $50,000 (the “ Note ”) to its sponsor, Acri Capital Sponsor LLC (the “ Sponsor ”).

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Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Acri Capital Acquisition Corp: Approved amendment to Charter to extend the deadline to consummate an initial business combination until April 14, 2024, with optional monthly extensions up to January 14, 2025 (effective 2024-04-10).

Change: charter amendment
Effective: 2024-04-10

Exact text from the filing

On April 9, 2024, at the Special Meeting, the stockholders of the Company approved the proposal to amend Company’s amended and restated certificate of incorporation (“Charter”) to allow the Company until April 14, 2024 to consummate an initial business combination, and, without another stockholder vote, to elect to extend the date by which the Company must consummate a business combination on a monthly basis for up to nine (9) times, up to January 14, 2025, by depositing the lesser of (i) $50,000 and (ii) $0.033 for each public share to the Company’s trust account

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Shareholder Votes SEC 8-K Item 5.07 confidence 0.9

Acri Capital Acquisition Corp shareholders approved Amend charter to allow extension until April 14, 2024, with up to nine monthly extensions to January 14, 2025 at the 2024-03-01 meeting.

Proposal: charter amendment
Outcome: passed
Meeting: 2024-03-01

Exact text from the filing

The stockholders approved the proposal to amend the Company’s Charter to allow the Company until April 14, 2024 to consummate an initial business combination, and, without another stockholder vote, to elect to extend the date by which the Company must consummate a business combination on a monthly basis for up to nine (9) times, up to January 14, 2025, by depositing each month the lesser of (i) $50,000 and (ii) $0.033 for each public share to the Company’s trust account

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299 debt financings filed in the last 30 days. Browse all debt financings →

Source: SEC EDGAR

accession 0001213900-24-031913

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