Company: FOXX
Filing Date: 2025-10-15
Form Type: 10-K
Source: 0001213900-25-098953
Chunk: 360

Company: Foxx Development Holdings Inc.
Filing Date: 2025-10-15
Form: 10-K
Item: Item 1B
Chunk 360
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 with Note 1 and
Note 2, collectively as “Notes”) to the Investor A for the amount of $2,000,000 at 7% per annum. The maturity and other
terms were the same to Note 1 and Note 2.

On
May 30, 2024, Old Foxx entered into a securities purchase agreement for issuance of convertible promissory notes to Investor B in
the amount of $6,000,000 (“Note 4”) and to Investor C in the amount of $3,000,000 (“Note 5”), at 7%
per annum. The Note 4 and Note 5 were received in August and September 2024 prior to the Closing. The maturity date for the
Note 4 and Note 5 would be due at the earlier of the 12-month anniversary of the issuance date or IPO of Old Foxx. The
Note 4 and Note 5 and their accrued and unpaid interest would be automatically convertible into shares of common stock of Old
Foxx, at a price of $30.00 per share at the time that Old Foxx completes the Business Combination.

Immediately prior to the Closing on September 26, 2024, the Notes of
$15,000,000 and the related interests of $408,685 were automatically converted into (x) 212,050 shares of Original Foxx Common Stock for
the Notes to the Investor, (y) 200,882 shares of Original Foxx Common Stock for Note 4, and (z) 100,690 share of Original Foxx Common
Stock for Note 5, each at a price of $30.00 per share. On September 26, 2024, upon Closing of the Business Combination, all the Original
Foxx Common Stock converted from the convertible promissory notes were cancelled in exchange for the holders’ pro rata share of
the 5,000,000 Closing Payment Shares (see Note 4), resulting in a total of 1,696,668 shares of the Company’s Common Stock issued
to the holders of the convertible promissory notes at the exchange ratio of approximately 3.3033 following consummation of the Business
Combination, including (x) 700,473 shares of Common Stock issued to the Investor A, (y) 663,581 shares of Common Stock issued to Investor
B, and (z) 332,614 shares of Common Stock issued to