Document:

Exhibit
10.5

 

ACRI
CAPITAL ACQUISITION CORPORATION

 

February
4, 2022

 

Acri
Capital Sponsor LLC

 

RE:
Securities Purchase Agreement

 

Ladies and Gentlemen:

 

We
are pleased to accept the offer you (the “Subscriber”) have made to purchase 2,156,250 shares (the “Shares”)
of Class B common stock, par value $0.0001 per share (the “Class B Common Stock”, and together with all other classes
of Company common stock, the “Common Stock”) in ourselves, Acri Capital Acquisition Corporation, a Delaware corporation
(the “Company”), among which, up to 281,250 shares of Class B Common Stock are subject to forfeiture pending the
exercise of the over-allotment option granted to the underwriter in connection with the initial public offering of the Company. The terms
on which the Company is willing to sell the Shares to the Subscriber pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended
(the “Securities Act”), and the Company and the Subscriber’s agreements regarding such Shares, are as follows:

 

1.
Purchase of Shares. The Company hereby sells and issues to the Subscriber, and the Subscriber hereby purchases from the Company
the Shares, for an aggregate purchase price of $25,000, on the terms and subject to the conditions set forth in this agreement (this
“Agreement”). Concurrently with the Subscriber’s execution of this Agreement, the Company is delivering to the
Subscriber certificate(s) registered in the Subscriber’s name representing the Shares, receipt of which the Subscriber hereby acknowledges.

 

2.
Representations, Warranties and Agreements.

 

2.1.
Subscriber’s Representations, Warranties and Agreements. To induce the Company to issue the Shares to the Subscriber, the
Subscriber hereby represents and warrants to the Company and agrees with the Company as follows:

 

2.1.1.
No Government Recommendation or Approval. The Subscriber understands that no United States federal or state agency or similar
agency of any other country has passed upon or made any recommendation or endorsement of the offering of the Shares.

 

2.1.2.
No Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Subscriber of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (i) the provisions of the organizational documents of
such Subscriber, if any, (ii) any agreement, indenture or instrument to which such Subscriber is a party, or (iii) any law, statute,
rule or regulation to which the Subscriber is subject, or any agreement, order, judgment or decree to which such Subscriber is subject.

 

    1

     

    

 

2.1.3. Organization
and Authority. Upon execution and delivery by the Subscriber, this Agreement is a legal, valid and binding agreement of such
Subscriber, enforceable against such Subscriber in accordance with its terms, except as such enforceability may be limited by
applicable bankruptcy, insolvency, fraudulent conveyance or similar laws affecting the enforcement of creditors’ rights
generally and subject to general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in
equity).

 

2.1.4.
Experience, Financial Capability and Suitability. Each Subscriber is: (i) sophisticated in financial matters and is able to evaluate
the risks and benefits of the investment in the Shares and (ii) able to bear the economic risk of its investment in the Shares for an
indefinite period of time because the Shares have not been registered under the Securities Act of 1933 and therefore cannot be sold unless
subsequently registered under the Securities Act or an exemption from such registration is available. The Subscriber has substantial
experience in evaluating and investing in transactions of securities in companies similar to the Company so that he or she is capable
of evaluating the merits and risks of its investment in the Company and has the capacity to protect its own interests. The Subscriber
must bear the economic risk of this investment until the Shares are sold pursuant to: (i) an effective registration statement under the
Securities Act or (ii) an exemption from registration available with respect to such sale. The Subscriber is able to bear the economic
risks of an investment in the Shares and to afford a complete loss of Subscriber’s investment in the Shares.

 

2.1.5.
Access to Information; Independent Investigation. Prior to the execution of this Agreement, the Subscriber has had the opportunity
to ask questions of and receive answers from representatives of the Company concerning an investment in the Company, as well as the finances,
operations, business and prospects of the Company, and the opportunity to obtain additional information to verify the accuracy of all
information so obtained. In determining whether to make this investment, Subscriber has relied solely on Subscriber’s own knowledge
and understanding of the Company and its business based upon Subscriber’s own due diligence investigation and the information furnished
pursuant to this paragraph. Subscriber understands that no person has been authorized to give any information or to make any representations
which were not furnished pursuant to this Section 2 and Subscriber has not relied on any other representations or information in making
its investment decision, whether written or oral, relating to the Company, its operations and/or its prospects.

 

2.1.6.
Private Offering. The Subscriber acknowledges the sale contemplated hereby is being made in reliance on a private placement exemption
pursuant to Section 4(a)(2) of the Securities Act.

 

2.1.7.
Investment Purposes. The Subscriber is purchasing the Shares solely for investment purposes, for the Subscriber’s own account
and not for the account or benefit of any other person, and not with a view towards the distribution or dissemination thereof and the
Subscriber has no present arrangement to sell the interest in the Shares to or through any person or entity. The Subscriber did not decide
to enter into this Agreement as a result of any general solicitation or general advertising within the meaning of Rule 502 under the
Securities Act.

 

    2

     

    

 

2.1.8.
Restrictions on Transfer; Shell Company; Affiliate Status. The Subscriber understands the Shares are being offered in a transaction
not involving a public offering within the meaning of the Securities Act. Subscriber understands the Shares will be “restricted
securities” within the meaning of Rule 144(a)(3) under the Securities Act and Subscriber understands that the certificates representing
the Shares will contain a legend in respect of such restrictions. If in the future the Subscriber decides to offer, resell, pledge or
otherwise transfer the Shares, such Shares may be offered, resold, pledged or otherwise transferred only pursuant to: (i) registration
under the Securities Act, or (ii) an available exemption from registration. Subscriber agrees that if any transfer of its Shares or any
interest therein is proposed to be made, as a condition precedent to any such transfer, Subscriber may be required to deliver to the
Company an opinion of counsel satisfactory to the Company. Absent registration or an exemption, the Subscriber agrees not to resell the
Shares. The Subscriber further acknowledges that because the Company is a shell company, Rule 144 may not be available to the Subscriber
for the resale of the Shares until one year following consummation of the initial business combination of the Company, despite technical
compliance with the requirements of Rule 144 and the release or waiver of any contractual transfer restrictions. Such Subscriber (a)
acknowledges that after the issuance of the Shares, such Subscriber may be deemed an “affiliate” of the Company under the
Securities Act, (b) acknowledges understanding the additional restrictions under the Securities Act applicable to affiliate of the Company,
and (c) acknowledges that it had a full and fair opportunity and the means to obtain United States securities counsel and discuss such
restrictions prior to entering into this Agreement.

 

2.1.9.
No Governmental Consents. No governmental, administrative or other third party consents or approvals are required, necessary or
appropriate on the part of Subscriber in connection with the transactions contemplated by this Agreement.

 

2.1.10.
Bad Actor. Such Subscriber is not subject to any of the “Bad Actor” disqualifications described in Rule 506(d)(1)(i)
to (viii) under the Securities Act (a “Disqualification Event”), except for a Disqualification Event covered by Rule
506(d)(2) or (d)(3) under the Securities Act. The Subscriber has exercised reasonable care to determine whether he, she or it is subject
to a Disqualification Event. The purchase of the Shares will not subject the Company to any Disqualification Event. There are no matters
that would have triggered disqualification under Rule 506(d)(1) under the Securities Act but occurred before September 23, 2013.

 

2.1.11.
No Legal Advice from Company. The Subscriber acknowledges that it has had the opportunity to review this Agreement and the transactions
contemplated by this Agreement and the other agreements entered into between the parties hereto with its own legal counsel and investment
and tax advisors. Except for any statements or representations of the Company made in this Agreement and the other agreements entered
into between the parties hereto, the Subscriber is relying solely on such counsel and advisors and not on any statements or representations
of the Company or any of its representatives or agents for legal, tax or investment advice with respect to this investment, the transactions
contemplated by this Agreement or the securities laws of any jurisdiction.

 

2.1.13.
Reliance on Representations and Warranties. The Subscriber understands the Shares are being offered and sold to it in reliance
on exemptions from the registration requirements under the Securities Act, and analogous provisions in the laws and regulations of various
states, and that the Company is relying upon the truth and accuracy of the representations, warranties, agreements, acknowledgments and
understandings of the Subscriber set forth in this Agreement in order to determine the applicability of such provisions.

 

    3

     

    

 

2.1.14. No
General Solicitation or General Advertising; No Directed Selling Efforts. The Subscriber is not aware of any form of general
solicitation or general advertising (within the meaning of Regulation S) in respect of the Shares, including (1) any advertisement,
article, notice or other communication published in any newspaper, magazine, or similar media or broadcast over television, radio,
or the internet; and (2) any seminar or meeting whose attendees have been invited by any general solicitation or general
advertising.

 

2.2.
Company’s Representations, Warranties and Agreements. To induce the Subscriber to purchase the Shares, the Company hereby
represents and warrants to the Subscriber and agrees with the Subscriber as follows:

 

2.2.1.
Organization and Corporate Power. The Company is a corporation duly incorporated, validly existing and in good standing under
the laws of State of Delaware and is qualified to do business in every jurisdiction in which the failure to so qualify would reasonably
be expected to have a material adverse effect on the financial condition, operating results or assets of the Company. The Company possesses
all requisite corporate power and authority necessary to carry out the transactions contemplated by this Agreement.

 

2.2.2.
No Conflicts. The execution, delivery and performance of this Agreement and the consummation by the Company of the transactions
contemplated hereby do not violate, conflict with or constitute a default under (1) the certificate of incorporation of the Company,
(2) any agreement, indenture or instrument to which the Company is a party, or (3) any law, statute, rule or regulation to which the
Company is subject, or any agreement, order, judgment or decree to which the Company is subject. Other than any registration statement
which may be filed pursuant thereto, the Company is not required under federal, state or local law, rule or regulation to obtain any
consent, authorization or order of, or make any filing or registration with, any court or governmental agency or self-regulatory entity
in order for it to perform any of its obligations under this Agreement or issue the Shares in accordance with the terms hereof.

 

2.2.3.
Title to Securities. Upon issuance in accordance with, and payment pursuant to, the terms hereof, the Shares will be duly and
validly issued, fully paid and nonassessable. Upon issuance in accordance with, and payment pursuant to, the terms hereof the Subscriber
will have or receive good title to the Shares, free and clear of all liens, claims and encumbrances of any kind, other than (i) transfer
restrictions hereunder and under the other agreements contemplated hereby, (ii) transfer restrictions under federal and state securities
laws, and (iii) liens, claims or encumbrances imposed due to the action of the Subscriber.

 

2.2.4.
Enforcement. This Agreement constitutes, and upon the execution and delivery thereof, valid and binding obligations of the Company
enforceable against the Company in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy,
insolvency, fraudulent conveyance, moratorium, reorganization, or similar laws relating to, or affecting generally the enforcement of,
creditors’ rights and remedies or by equitable principles of general application and except as enforcement of rights to indemnity
and contribution may be limited by federal and state securities laws or principles of public policy.

 

    4

     

    

 

2.2.5.
No Registration. Assuming the accuracy of the representations and warranties of the Subscriber contained in this Agreement, the
issuance and sale of the Shares pursuant to this Agreement is exempt from registration requirements of the Securities Act, and neither
the Company nor, to the knowledge of the Company, any authorized representative acting on its behalf, has taken or will take any action
hereafter that would cause the loss of such exemption.

 

2.2.6.
No Integration. Neither the Company nor any of its affiliates have, directly or indirectly through any agent, sold, offered for
sale, solicited offers to buy or otherwise negotiated in respect of, any “security” (as defined in the Securities Act) that
is or will be integrated with the sale of the Shares in a manner that would require registration under the Securities Act.

 

2.2.7.
No General Solicitation or General Advertising. Neither the Company nor any person acting on behalf of the Company has offered
or sold any of the Shares by any form of general solicitation or general advertising (within the meaning of Regulation S promulgated
under the Securities Act) including (1) any advertisement, article, notice or other communication published in any newspaper, magazine,
or similar media or broadcast over television, radio, or the interne; and (2) any seminar or meeting whose attendees have been invited
by any general solicitation or general advertising; nor has it seen or been aware of any activity that, to its knowledge, constitutes
general solicitation or general advertising.

 

3.
Waiver of Liquidation Distributions; Redemption Rights. In connection with the Shares purchased pursuant to this Agreement and,
subject to the below, any other Company securities purchased on a private placement basis, the Subscriber hereby waives any and all right,
title, interest or claim of any kind in or to any distributions by the Company from the Trust Account (as such term is defined in the
Investment Management Trust Agreement to be entered by and between the Company and the trustee thereunder), in the event of a liquidation
of the Company upon the Company’s failure to timely complete a business combination.

 

4.
Forfeiture of Shares.

 

4.1. Partial
or No Exercise of the Over-allotment Option. In the event the Over-allotment Option granted to the underwriter of the IPO is
not exercised in full, the Subscriber acknowledges and agrees that it (or, if applicable, it and any transferees of Shares) shall
forfeit any and all rights to such number of Shares (up to an aggregate of 281,250 Shares and pro rata based upon the percentage of
the Over-allotment Option exercised) such that immediately following such forfeiture, the Subscriber (and all other initial
stockholder prior to the IPO, if any) will own an aggregate number of Shares (not including any private placement units that are
expected to be purchased prior to or at the closing of the IPO, Shares issuable upon exercise of any warrants or any shares of
Common Stock purchased by Subscriber (and all other initial stockholder prior to the IPO, if any) in the IPO or in the aftermarket)
equal to 20% of the issued and outstanding shares of Common Stock immediately following the IPO (in each case, not including shares
of Class A common stock issuable upon exercise of any warrants).

 

4.2.
Termination of Rights as Stockholder. If any of the Shares are forfeited in accordance with this Section 4, then after such time
the Subscriber (or successor in interest), shall no longer have any rights as a holder of such forfeited Shares, and the Company shall
take such action as is appropriate to cancel such forfeited Shares.

 

    5

     

    

 

5.
Restrictions on Transfer.

 

5.1.
Securities Law Restrictions. The Subscriber agrees not to sell, transfer, pledge, hypothecate or otherwise dispose of all
or any part of the Shares unless, prior thereto (i) a registration statement on the appropriate form under the Securities Act and applicable
state securities laws with respect to the Shares proposed to be transferred shall then be effective, or (ii) that an exemption from registration
is available under the Securities Act and the rules promulgated by the Commission thereunder and is in compliance with all applicable
state securities laws.

 

5.2.
Restrictive Legends. Unless counsel otherwise advises, all certificates representing the Shares shall have endorsed thereon legends
substantially as follows:

 

“THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE
DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN EXEMPTION FROM REGISTRATION
THEREUNDER, IN EACH CASE IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OR OTHER JURISDICTIONS, AND IN THE CASE OF A
TRANSACTION EXEMPT FROM REGISTRATION, SUCH SECURITIES MAY ONLY BE TRANSFERRED IF THE COMPANY AND TRANSFER AGENT FOR SUCH SECURITIES HAS
RECEIVED DOCUMENTATION SATISFACTORY TO IT THAT SUCH TRANSACTION DOES NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT.”

 

5.3.
Additional Shares or Substituted Securities. In the event of the declaration of a stock dividend, the declaration of an extraordinary
dividend payable in a form other than stock, a spin-off, a stock split, an adjustment in conversion ratio, a recapitalization or a similar
transaction affecting the Company’s outstanding capital stock without receipt of consideration, any new, substituted or additional
securities or other property which are by reason of such transaction distributed with respect to any Shares subject to this Section 5
or into which such Shares thereby become convertible shall immediately be subject to this Section 5. Appropriate adjustments to reflect
the distribution of such securities or property shall be made to the number and/or class of Shares subject to this Section 5.

 

6.
Other Agreements.

 

6.1.
Further Assurances. The Subscriber agrees to execute such further instruments and to take such further action as may reasonably
be necessary to carry out the intent of this Agreement.

 

6.2.
No Obligation as to Employment. The Company is not by reason of this Agreement obligated to employ, or continue to employ, the
Subscriber in any capacity.

 

    6

     

    

 

6.3.
Notices. All notices, requests, consents and other communications hereunder shall be in writing, shall be addressed to the receiving
party’s address set forth on the first page of this Agreement or to such other address as a party may designate by notice hereunder,
and shall be either (1) delivered by hand, (2) sent by overnight courier, (3) sent via facsimile, or (4) sent by certified mail, return
receipt requested, postage prepaid. All notices, requests, consents and other communications hereunder shall be deemed to have been given
either (i) if by hand, at the time of the delivery thereof to the receiving party at the address of such party set forth above, (ii)
if sent by overnight courier, on the next business day following the day such notice is delivered to the courier service, (iii) if sent
via facsimile, when receipt is acknowledged, or (iv) if sent by certified mail, on the (5th) business day following the day
such mailing is made.

 

6.4.
Entire Agreement. This Agreement embodies the entire agreement and understanding between the Subscriber and the Company with respect
to the subject matter hereof and supersedes all prior oral or written agreements and understandings relating to the subject matter hereof.
No statement, representation, warranty, covenant or agreement of any kind not expressly set forth in this Agreement shall affect, or
be used to interpret, change or restrict, the express terms and provisions of this Agreement.

 

6.5.
Modifications and Amendments. The terms and provisions of this Agreement may be modified or amended only by written agreement
executed by all parties hereto.

 

6.6.
Waivers and Consents. The terms and provisions of this Agreement may be waived, or consent for the departure therefrom granted,
only by written document executed by the party entitled to the benefits of such terms or provisions. No such waiver or consent shall
be deemed to be or shall constitute a waiver or consent with respect to any other terms or provisions of this Agreement, whether or not
similar. Each such waiver or consent shall be effective only in the specific instance and for the purpose for which it was given, and
shall not constitute a continuing waiver or consent.

 

6.7.
Assignment. The rights and obligations under this Agreement may not be assigned by either party hereto without the prior written
consent of the other party.

 

6.8.
Benefit. All statements, representations, warranties, covenants and agreements in this Agreement shall be binding on the parties
hereto and shall inure to the benefit of the respective successors and permitted assigns of each party hereto. Nothing in this Agreement
shall be construed to create any rights or obligations except among the parties hereto, and no person or entity shall be regarded as
a third-party beneficiary of this Agreement.

 

6.9.
Governing Law. This Agreement and the rights and obligations of the parties hereunder shall be construed in accordance with and
governed by the laws of the State of New York for agreements made and to be wholly performed within such country.

 

6.10.
Severability. In the event that any court of competent jurisdiction shall determine that any provision, or any portion thereof,
contained in this Agreement shall be unreasonable or unenforceable in any respect, then such provision shall be deemed limited to the
extent that such court deems it reasonable and enforceable, and as so limited shall remain in full force and effect. In the event that
such court shall deem any such provision, or portion thereof, wholly unenforceable, the remaining provisions of this Agreement shall
nevertheless remain in full force and effect.

 

    7

     

    

 

6.11.
No Waiver of Rights, Powers and Remedies. No failure or delay by a party hereto in exercising any right, power or remedy under
this Agreement, and no course of dealing between the parties hereto, shall operate as a waiver of any such right, power or remedy of
such party. No single or partial exercise of any right, power or remedy under this Agreement by a party hereto, nor any abandonment or
discontinuance of steps to enforce any such right, power or remedy, shall preclude such party from any other or further exercise thereof
or the exercise of any other right, power or remedy hereunder. The election of any remedy by a party hereto shall not constitute a waiver
of the right of such party to pursue other available remedies. No notice to or demand on a party not expressly required under this Agreement
shall entitle the party receiving such notice or demand to any other or further notice or demand in similar or other circumstances or
constitute a waiver of the rights of the party giving such notice or demand to any other or further action in any circumstances without
such notice or demand.

 

6.12.
Survival of Representations and Warranties. All representations and warranties made by the parties hereto in this Agreement or
in any other agreement, certificate or instrument provided for or contemplated hereby, shall survive the execution and delivery hereof
and any investigations made by or on behalf of the parties.

 

6.13.
No Broker or Finder. Each of the parties hereto represents and warrants to the other that no broker, finder or other financial
consultant has acted on its behalf in connection with this Agreement or the transactions contemplated hereby in such a way as to create
any liability on the other. Each of the parties hereto agrees to indemnify and save the other harmless from any claim or demand for commission
or other compensation by any broker, finder, financial consultant or similar agent claiming to have been employed by or on behalf of
such party and to bear the cost of legal expenses incurred in defending against any such claim.

 

6.14.
Headings and Captions. The headings and captions of the various subdivisions of this Agreement are for convenience of reference
only and shall in no way modify or affect the meaning or construction of any of the terms or provisions hereof.

 

6.15.
Counterparts. This Agreement may be executed in one or more counterparts, all of which when taken together shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party,
it being understood that both parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission
or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party
executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature
page were an original thereof.

 

7.
Indemnification. Each party shall indemnify the other against any loss, cost or damages (including reasonable attorney’s
fees and expenses) incurred as a result of such party’s breach of any representation, warranty, covenant or agreement in this Agreement.

 

8.
Disclosure. The Subscriber agrees not to disclose information about this Agreement and the transactions contemplated hereby until
and to the extent the Company publicly discloses such information.

 

9.
Fees. Each party hereto shall be responsible for its own internal costs and legal, accounting and other professional fees incurred
in connection with the negotiation, preparation and execution of this Agreement.

 

[Signature
Page Follows]

 

    8

     

    

 

If
the foregoing accurately sets forth our understanding and agreement, please sign the enclosed copy of this agreement and return it to
us.

 

Accepted
and agreed this

 

February
4, 2022

 

	 	Very
    truly yours,
	 	 
	 	ACRI
    CAPITAL ACQUISITION CORPORATION
	 	 
	 	By:	/s/
“Joy”
    Yi Hua
	 	Name: 	“Joy”
    Yi Hua
	 	Title:
    	CEO
    and Chairwoman

 

[Signature
Page to Insider Shares Purchase Agreement-the Company]

 

    9

     

    

 

	 	 	 
	Accepted and agreed to this 	 
	 	 	 
	February 4, 2022	 
	 	 	 
	ACRI CAPITAL SPONSOR LLC	 
	 	 	 
	By:	/s/ “Joy” Yi Hua	 
	Name: 	“Joy” Yi Hua	 
	Title: 	Manager	 

 

[Signature
Page to Insider Shares Purchase Agreement-Sponsor]

 

    10Exhibit 10.6

 

PRIVATE PLACEMENT WARRANT PURCHASE AGREEMENT

 

THIS PRIVATE PLACEMENT WARRANT
PURCHASE AGREEMENT, dated as of [●], 2022 (as it may from time to time be amended, this “Agreement”), is entered into
by and between Acri Capital Acquisition Corporation, a Delaware corporation (the “Company”), and Acri Capital Sponsor LLC,
a Delaware limited liability company (the “Sponsor”).

 

WHEREAS, the Company intends
to consummate a public offering of the Company’s units (the “Public Offering”), each unit consisting of one share of
the Company’s Class A common stock, par value $0.0001 per share (the “Class A Common Stock”),

and one-half of one redeemable
warrant, each warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50 per Share, as set forth in the
Company’s registration statement on Form S-1(the “Registration Statement”) related to the initial public offering of
the Company (the “Public Offering”);

 

WHEREAS, the Sponsor has agreed
to purchase from the Company an aggregate of 4,790,000 warrants (the “Firm Private Warrants”) concurring with the closing
of the Public Offering; and

 

WHEREAS, the Sponsor has further
agreed to purchase from the Company up to 450,000 additional redeemable warrants (the “Additional Private Warrants” and, together
with the Firm Private Warrants, the “Private Warrants”) if the over-allotment option in connection with the Public Offering
is exercised.

 

NOW THEREFORE, in consideration
of the mutual promises contained in this Agreement and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties to this Agreement hereby, intending legally to be bound, agree as follows:

 

Section 1. Authorization, Purchase and Sale; Terms of the Private
Warrants.

 

A. Authorization of the Private
Warrants. The Company has duly authorized the issuance and sale of the Private Warrants to the Sponsor.

 

B. Purchase and Sale of the Private Warrants.

 

(i) As payment in full for
the 4,790,000 Firm Private Warrants at a price of $1.00 per warrant being purchased under this Agreement, the Sponsor shall pay $4,790,000
(the “Purchase Price”), by wire transfer of immediately available funds or by such other method as may be reasonably acceptable
to the Company, to the trust account (the “Trust Account”) at a financial institution to be chosen by the Company, maintained
by Wilmington Trust, National Association, acting as trustee, at least one (1) business day prior to the date of effectiveness of the
Registration Statement.

 

(ii) In the event that the
over-allotment option is exercised in full or in part, the Sponsor shall purchase up to an additional 450,000 Additional Private Warrants
at a price of $1.00 per warrant, in the same proportion as the amount of the over-allotment option that is exercised, and simultaneously
with such purchase of Additional Private Warrants, as payment in full for the Additional Private Warrants being purchased hereunder, and
at least one (1) business day prior to the closing of all or any portion of the over-allotment option, the Sponsor shall pay up to an
aggregate amount of $450,000, by wire transfer of immediately available funds or by such other method as may be reasonably acceptable
to the Company, to the Trust Account.

 

     

     

    

 

(iii) The closing of the purchase
and sale of the Firm Private Warrants shall take place simultaneously with the closing of the Public Offering (the “Initial Closing
Date”). The closing of the purchase and sale of the Additional Private Warrants, if applicable, shall take place simultaneously
with the closing of all or any portion of the over-allotment option exercise (such closing date, together with the Initial Closing Date,
the “Closing Dates” and each, a “Closing Date”). The closing of the purchase and sale of each of the Firm Private
Warrants and the Additional Private Warrants shall take place at the offices of Robinson & Cole LLP, 666 Avenue, 20th Floor,
New York, New York 10017, or such other place as may be agreed upon by the parties hereto.

 

C. Terms of the Private Warrants.

 

(i) Each Private Placement
Warrant shall have the terms set forth in a Warrant Agreement to be entered into by the Company and a warrant agent on the effective date
of the Registration Statement, in connection with the Public Offering (the “Warrant Agreement”).

 

(ii) At or prior to the time
of the Initial Closing Date, the Company and the Sponsor shall enter into a registration rights agreement (the “Registration Rights
Agreement”) pursuant to which the Company will grant certain registration rights to the Sponsor relating to the Private Warrants
and shares (the “Shares”) of Class A Common Stock issuable upon the exercise of the Private Warrants.

 

Section 2. Representations and Warranties of
the Company. As a material inducement to the Sponsor to enter into this Agreement and purchase the Private Warrants, the Company hereby
represents and warrants to the Sponsor (which representations and warranties shall survive the Closing Dates) that:

 

A. Organization and Corporate
Power. The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and
is qualified to do business in every jurisdiction in which the failure to so qualify would reasonably be expected to have a material adverse
effect on the financial condition, operating results or assets of the Company. The Company possesses all requisite corporate power and
authority necessary to carry out the transactions contemplated by this Agreement and the Registration Rights Agreement.

 

B. Authorization; No Breach.

 

(i) The execution, delivery
and performance of this Agreement, the Warrant Agreement and the Registration Rights Agreement have been duly authorized by the Company
as of the Closing Dates. Each of this Agreement, the Warrant Agreement and the Registration Rights Agreement constitutes a valid and binding
obligation of the Company, enforceable in accordance with its terms. Upon issuance in accordance with, and payment pursuant to, the terms
of this Agreement, this Agreement will constitute valid and binding obligations of the Company, enforceable in accordance with their terms
as of the Closing Dates, as the case may be.

 

(ii) The execution and delivery
by the Company of this Agreement, Warrant Agreement and the Registration Rights Agreement and the issuance and sale of the Private Warrants
and the fulfillment of, and compliance with, the respective terms hereof and thereof by the Company, do not and will not as of the Closing
Dates (a) conflict with or result in a breach of the terms, conditions or provisions of, (b) constitute a default under, (c) result in
the creation of any lien, security interest, charge or encumbrance upon the Company’s capital stock or assets under, (d) result
in a violation of, or (e) require any authorization, consent, approval, exemption or other action by or notice or declaration to, or filing
with, any court or administrative or governmental body or agency pursuant to the certificate of incorporation or the bylaws of the Company
(in effect on the date hereof or as may be amended prior to completion of the contemplated Public Offering), or any material law, statute,
rule or regulation to which the Company is subject, or any agreement, order, judgment or decree to which the Company is subject, except
for any filings required after the date hereof under federal or state securities laws.

 

    2

     

    

 

C.
Title to Securities.  Upon issuance in accordance with, and payment pursuant to, the terms hereof
and the Warrant Agreement, the Private Warrants will be duly and validly issued and the Shares issuable upon exercise of the Private Warrants
will be duly and validly issued, fully paid and nonassessable. Upon issuance in accordance with, and payment pursuant to, the terms hereof
and the Warrant Agreement, the Sponsor will have good title to the Private Warrants and the Shares issuable upon exercise of such Private
Warrants, free and clear of all liens, claims and encumbrances of any kind, other than (i) transfer restrictions hereunder and under the
other agreements contemplated hereby, (ii) transfer restrictions under federal and state securities laws, and (iii) liens, claims or encumbrances
imposed due to the actions of the Sponsor. 

 

D. Governmental Consents.
No permit, consent, approval or authorization of, or declaration to or filing with, any governmental authority is required in connection
with the execution, delivery and performance by the Company of this Agreement or the consummation by the Company of any other transactions
contemplated hereby.

 

Section 3. Representations and Warranties of the
Sponsor. As a material inducement to the Company to enter into this Agreement and issue and sell the Private Warrants to the Sponsor,
the Sponsor hereby represents and warrants to the Company (which representations and warranties shall survive the Closing Dates) that:

 

A. Organization and Requisite
Authority. The Sponsor possesses all requisite power and authority necessary to carry out the transactions contemplated by this Agreement.

 

B. Authorization; No Breach.

 

(i) This Agreement constitutes
a valid and binding obligation of the Sponsor, enforceable in accordance with its terms, subject to bankruptcy, insolvency, fraudulent
conveyance, reorganization, moratorium and other laws of general applicability relating to or affecting creditors’ rights and to
general equitable principles (whether considered in a proceeding in equity or law).

 

(ii) The execution and delivery
by the Sponsor of this Agreement and the fulfillment of and compliance with the terms hereof by the Sponsor does not and shall not as
of the Closing Dates conflict with or result in a breach by the Sponsor of the terms, conditions or provisions of any agreement, instrument,
order, judgment or decree to which the Sponsor is subject.

 

C. Investment Representations.

 

(i) The Sponsor is acquiring
the Private Warrants and, upon exercise of the Private Warrants, the Shares issuable upon such exercise (collectively, the “Securities”),
for such Sponsor’s own account, for investment purposes only and not with a view towards, or for resale in connection with, any
public sale or distribution thereof.

 

(ii) The Sponsor acknowledges
the sale contemplated hereby is being made in reliance on a private placement exemption pursuant to Section 4(a)(2) of the Securities
Act of 1933, as amended (the “Securities Act”).

 

    3

     

    

 

(iii) The Sponsor understands
that the Securities are being offered and will be sold to it in reliance on specific exemptions from the registration requirements of
the United States federal and state securities laws and that the Company is relying upon the truth and accuracy of, and the Sponsor’s
compliance with, the representations and warranties of the Sponsor set forth herein in order to determine the availability of such exemptions
and the eligibility of the Sponsor to acquire such Securities.

 

(iv) The Sponsor did not enter
into this Agreement as a result of any general solicitation or general advertising within the meaning of Rule 502(c) under the Securities
Act.

 

(v) The Sponsor has been furnished
with all materials relating to the business, finances and operations of the Company and materials relating to the offer and sale of the
Securities which have been requested by the Sponsor. The Sponsor has been afforded the opportunity to ask questions of the executive officers
and directors of the Company. The Sponsor understands that its investment in the Securities involves a high degree of risk and it has
sought such accounting, legal and tax advice as it has considered necessary to make an informed investment decision with respect to the
acquisition of the Securities.

 

(vi) The Sponsor understands
that no United States federal or state agency or any other government or governmental agency has passed on or made any recommendation
or endorsement of the Securities or the fairness or suitability of the investment in the Securities by the Sponsor nor have such authorities
passed upon or endorsed the merits of the offering of the Securities.

 

(vii) The Sponsor understands
that: (a) the Securities have not been and are not being registered under the Securities Act or any state securities laws, and may not
be offered for sale, sold, assigned or transferred unless (1) subsequently registered thereunder or (2) sold in reliance on an exemption
therefrom; and (b) except as specifically set forth in the Registration Rights Agreement, neither the Company nor any other person is
under any obligation to register the Securities under the Securities Act or any state securities laws or to comply with the terms and
conditions of any exemption thereunder. In this regard, the Sponsor understands that the Securities and Exchange Commission has taken
the position that promoters or affiliates of a blank check company and their transferees, both before and after an initial business combination,
are deemed to be “underwriters” under the Securities Act when reselling the securities of a blank check company. Based on
that position, Rule 144 adopted pursuant to the Securities Act would not be available for resale transactions of the Securities despite
technical compliance with the certain requirements of such Rule, and the Securities can be resold only through a registered offering or
in reliance upon another exemption from the registration requirements of the Securities Act.

 

(viii) The Sponsor has such
knowledge and experience in financial and business matters, knowledge of the high degree of risk associated with investments in the securities
of companies in the development stage such as the Company, is capable of evaluating the merits and risks of an investment in the Securities
and is able to bear the economic risk of an investment in the Securities in the amount contemplated hereunder for an indefinite period
of time. The Founders has adequate means of providing for its current financial needs and contingencies and will have no current or anticipated
future needs for liquidity which would be jeopardized by the investment in the Securities. The Sponsor can afford a complete loss of its
investments in the Securities.

 

    4

     

    

 

(ix) The Sponsor understands
that the Securities shall bear the following legend and appropriate “stop transfer restrictions”:

 

“THE SECURITIES REPRESENTED
HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND NEITHER THE
SECURITIES NOR ANY INTEREST THEREIN MAY BE OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER SUCH ACT OR SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS WHICH, IN THE OPINION
OF COUNSEL, IS AVAILABLE THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO LOCKUP PROVISIONS AND MAY NOT BE OFFERED, SOLD,
TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF DURING THE TERM OF THE LOCKUP.”

 

Section 4. Conditions of the Sponsor’s Obligations.
The obligations of the Sponsor to purchase and pay for the Private Warrants are subject to the fulfillment, on or before the Closing Dates,
of each of the following conditions:

 

A. Representations and Warranties.
The representations and warranties of the Company contained in Section 2 shall be true and correct at and as of the Closing Dates as though
then made.

 

B. Performance. The Company
shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that are required to be
performed or complied with by it on or before the Closing Dates.

 

C. No Injunction. No litigation,
statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by
or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over the matters
contemplated hereby, which prohibits the consummation of any of the transactions contemplated by this Agreement.

 

D. Warrant Agreement and Registration
and Shareholder Rights Agreement. The Company shall have entered into the Warrant Agreement and the Registration Rights Agreement on terms
set forth in the Registration Statement.

 

Section 5. Conditions of the Company’s Obligations.
The obligations of the Company to the Sponsor under this Agreement are subject to the fulfillment, on or before the Closing Dates, of
each of the following conditions:

 

A. Representations and Warranties.
The representations and warranties of the Sponsor contained in Section 3 shall be true and correct at and as of the Closing Dates as though
then made.

 

    5

     

    

 

B. Performance. The Sponsor
shall have performed and complied with all agreements, obligations and conditions contained in this Agreement that are required to be
performed or complied with by the Sponsor on or before the Closing Dates.

 

C. No Injunction. No litigation,
statute, rule, regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by
or in any court or governmental authority of competent jurisdiction or any self-regulatory organization having authority over the matters
contemplated hereby, which prohibits the consummation of any of the transactions contemplated by this Agreement.

 

D. Warrant Agreement and Registration
Rights Agreement. The Company shall have entered into the Warrant Agreement and Registration Rights Agreement on terms set forth in the
Registration Statement.

 

Section 6. Termination. This Agreement may be
terminated at any time after ____, 2022 upon the election by either the Company or the Sponsor upon written notice to the other parties
if the closing of the Public Offering does not occur prior to such date.

 

Section 7. Survival of Representations and Warranties.
All of the representations and warranties contained herein shall survive the Closing Dates.

 

Section 8. Definitions. Terms used but not otherwise
defined in this Agreement shall have the meaning assigned to such terms in the Registration Statement.

 

Section 9. Miscellaneous.

 

A. Successors and Assigns.
Except as otherwise expressly provided herein, all covenants and agreements contained in this Agreement by or on behalf of any of the
parties hereto shall bind and inure to the benefit of the respective successors of the parties hereto whether so expressed or not. Notwithstanding
the foregoing or anything to the contrary herein, the parties may not assign this Agreement, other than assignments by the Sponsor to
affiliates thereof.

 

B. Severability. Whenever
possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but
if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision shall be ineffective only
to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement.

 

C. Counterparts. This Agreement
may be executed simultaneously in two or more counterparts, none of which need to contain the signatures of more than one party, but all
such counterparts taken together shall constitute one and the same agreement.

 

D. Descriptive Headings; Interpretation.
The descriptive headings of this Agreement are inserted for convenience only and do not constitute a substantive part of this Agreement.
The use of the word “including” in this Agreement shall be by way of example rather than by limitation.

 

E. Governing Law. This Agreement
shall be deemed to be a contract made under the laws of the State of Delaware and for all purposes shall be construed in accordance with
the internal laws of the State of Delaware.

 

F. Amendments. This letter
agreement may not be amended, modified or waived as to any particular provision, except by a written instrument executed by all parties
hereto.

 

[Signature Page Follows]

    6

     

    

 

IN WITNESS WHEREOF, the parties hereto have executed
this Agreement to be effective as of the date first set forth above.

 

	 	COMPANY:
	 	 	 
	 	ACRI CAPITAL ACQUISITION CORPORATION
	 	 	 
	 	By:	
	 	 	Name:  	“Joy” Yi Hua
	 	 	Title: 	Chairwoman and CEO

 

	Sponsor:	 
	 	 	 
	ACRI CAPITAL SPONSOR LLC	 
	 	 	 
	By:		 
	Name: 	“Joy” Yi Hua	 
	Title:	Manager	 

 

[Signature Page to the Private Warrant Purchase
Agreement]

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