Acri Capital Acquisition Corporation, a special purpose acquisition company (SPAC), has announced a revision to the timeline for completing its initial business combination by depositing a New Monthly Extension Payment of $50,000 into its trust account. This strategic move extends the deadline from May 14, 2024, to June 14, 2024, giving the company an additional month to finalize a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination. The company has the option of further monthly extensions up until January 14, 2025, as approved by its board. This announcement is in accordance with the company’s Amended and Restated Certificate of Incorporation and is a common maneuver for SPACs in the mid-development phase. It is intended to provide flexibility in seeking appropriate business combination opportunities. Forward-looking statements within the release give a sense of optimism, though they are caveated with the acknowledgment that actual results may significantly differ due to various inevitable business, economic, and competitive uncertainties.

Financial Services, Investment Banking,United States