Company: FOXX
Filing Date: 2025-10-15
Form Type: 10-K
Source: 0001213900-25-098953
Chunk: 871

Company: Foxx Development Holdings Inc.
Filing Date: 2025-10-15
Form: 10-K
Item: Item 4
Chunk 871
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NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1
— Nature of business and organization

Foxx
Development Holdings Inc. (“Foxx” or the “Company”) was incorporated on November 13, 2023 under the name “Acri
Capital Merger Sub I Inc.” On February 18, 2024, the Company entered into a business combination agreement (as amended on May 31,
2024, the “Business Combination Agreement”), by and among the Company, Acri Capital Acquisition Corporation, a Delaware corporation
and our parent company at the time (“ACAC”), Acri Capital Merger Sub II Inc., a Delaware corporation and our wholly-owned
subsidiary at the time (“Merger Sub”), and Foxx Development Inc. (“Old Foxx”), a Texas corporation incorporated
on March 17, 2017 primarily engaged in the sales of electronic products, pursuant to which (i) ACAC merged with and into the Company,
with the Company as the surviving Delaware corporation (the “Reincorporation Merger”), and (ii) Old Foxx merged with and
into Merger Sub, with Merger Sub surviving as a wholly-owned Delaware subsidiary of the Company (the “Acquisition Merger”).
The Reincorporation Merger, the Acquisition Merger, and other transactions contemplated under the Business Combination Agreement, are
collectively referred to as the “Business Combination” (See Note 4).

Following
the consummation of the Business Combination (the “Closing”) on September 26, 2024, the Company was renamed as “Foxx
Development Holdings Inc.” and became a publicly traded company. The Merger Sub was renamed as “Foxx Development Inc.”
and became the Delaware subsidiary of the Company.

On
August 29, 2023, Foxx Technology Pte Ltd, a Singapore private company (“Foxx Technology”), was incorporated in Singapore,
with Old Foxx holding 51% of the equity interests in Foxx Technology. Foxx Technology operates in the field of the manufacture of
wireless communications equipment, and the wholesale of handphones, handphone peripheral equipment and other telecommunications equipment.
On July 30, 2024, Foxx submitted the application to dissolve Foxx Technology to the Accounting and Corporate Regulatory Authority (ACRA)
of Singapore. On November 4, 2024, ACRA granted Foxx Technology’s application and struck it off from the company register of Singapore.

On
March