Company: FOXX
Filing Date: 2025-02-24
Form Type: 8-K
Source: 0001213900-25-016221
Chunk: 0

Company: Foxx Development Holdings Inc.
Filing Date: 2025-02-24
Form: 8-K
Item: Item 8.01
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Item
8.01. Other Events.

On
November 22, 2024, Ximena Semensato (the “ Plaintiff”) filed Semensato v. Foxx Development Holdings Inc., et al., No. 2024-1200
(Del. Ch. Ct.), a class action complaint (the “ Complaint”) in Delaware Chancery Court (the “ Court”) against Foxx
Development Holdings Inc. (the “ Company”) and certain “ Individual Defendants” (“ Joy” Yi Hua, Haitao
Cui, “ Jeff” Feng Jiang, “ Eva” Yiqing Miao and Edmund R. Miller). The lawsuit seeks declaratory relief under provisions
of the Delaware General Corporation Law relating to a waiver of the corporate opportunity doctrine that is contained in the Company’s
Amended and Restated Certificate of Incorporation. The plaintiff seeks a declaration that the waiver provision is invalid, an injunction
against the Company and the Individual Defendants to prevent them from attempting to enforce the waiver, attorneys’ fees, and the
costs and disbursements of this action.

The
Company and each of the Individual Defendants deny any and all wrongdoing alleged in the Complaint. However, to avoid the cost and distraction
of litigation, the directors of the board of the Company (the “ Board”) determined that it was advisable and in the best interests
of the Company and its stockholders to amend Article X of the Charter (the “ Amendment”). The Board thus approved and adopted
the Second Amended and Restated Certificate of Incorporation of the Company, and will direct the Amendment to be submitted to the stockholders
of the Company for adoption and approval at the next annual meeting of stockholders with the Board’s recommendation that the Amendment
be approved and adopted by the stockholders of the Company.

The
Company expects to advise the Plaintiff of the Board’s actions immediately, and as agreed, the Plaintiff will file a notice of
voluntary dismissal of the Action as moot, to be approved by the Court.

SIGNATURES

Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.

  Foxx Development Holdings Inc.                               
  By:                                 /s/ Gregory Foley        
  Name:                               Gregory Foley            
  Title:                              Chief Executive Officer