Company: FOXX
Filing Date: 2025-10-15
Form Type: 10-K
Source: 0001213900-25-098953
Chunk: 757

Company: Foxx Development Holdings Inc.
Filing Date: 2025-10-15
Form: 10-K
Item: Item 3
Chunk 757
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,000,000); 

    ● 2,100,000 Earnout Shares would be issued to Original Foxx Shareholders on a pro rata basis if and only if the 2025 Foxx Revenue reflected in the 2025 Foxx Audited Financial Statements would be no less than $115,000,000 (including $115,000,000). 

    (v) All issued and outstanding 12,156,417 ACAC warrants were converted on a one-for-one basis into warrants of the Company, including conversion from (x) 4,312,500 ACAC’s public warrants, (y) 5,240,000 ACAC’s private warrants, and (z) 2,603,923 ACAC’s working capital warrants. 

The
following table presents the number of the Company’s common stock issued and outstanding immediately following the Reverse Recapitalization
(as defined below):

    Common 

    Stock 
  
    ACAC’s
    common stock outstanding prior to Reverse Recapitalization 
     3,971,634 
  
    Less: redemption
    of ACAC’s common stock 
     (1,744,663)
  
    Common stock
    issued to underwriter 
     43,125 
  
    Conversion
    of Old Foxx’s common stock into Foxx’s common stock 
     3,303,333 
  
    Conversion
    of Old Foxx’s convertible promissory notes into Foxx’s common stock 
     1,696,668 
  
    Total
    common stock 
     7,270,097 

Old
Foxx was determined to be the accounting acquirer given Old Foxx effectively controlled the combined entity after the Business Combination.
The transaction is accounted for as a reverse recapitalization (“Reverse Recapitalization”), which is equivalent to the issuance
of common stock by Old Foxx for the net monetary assets of ACAC, accompanied by a recapitalization. Old Foxx is determined as the accounting
acquirer and the historical financial statements of Old Foxx became the Company’s historical financial statements, with retrospective
adjustments to give effect of the Reverse Recapitalization. The net assets of ACAC were recognized as of the closing date at historical
cost, with no goodwill or other intangible assets recorded. Operations prior to the Business Combination are those of Old Foxx and Old
Foxx’s operations are the only ongoing operations of the Company.

In
connection with the Reverse