Company: FOXX
Filing Date: 2025-01-10
Form Type: S-1
Source: 0001213900-25-002199
Chunk: 172

Company: Foxx Development Holdings Inc.
Filing Date: 2025-01-10
Form: S-1
Chunk 172
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 at fair value, with changes in fair value included in the consolidated statements of operations. As of September 30, 2024 and September 26, 2024 (issuance date), the fair value of the earnout liabilities was $ 7,341,383and $ 7,234,056, respectively. For the three months ended September 30, 2024, the Company recognized $ 107,327of losses related to the change in fair value of earnout liabilities included in the change in fair value of earnout liabilities in the consolidated statements of operations (See Note 17 — Fair value measurement). Warrants In connection with the reverse recapitalization, each of 12,156,423ACAC’s issued and outstanding warrants, which consisted of 4,312,500public warrants, 5,240,000private warrants and 2,603,923working capital warrants, was converted automatically into one redeemable warrant of the Company, exercisable for one share of common stock of the Company at an exercise price of $ 11.50per share. All of these warrants met the criteria for equity classification. Each whole Warrant entitles the registered holder to purchase one whole share of the Company’s common stock at a price of $ 11.50per share. Pursuant to the warrant agreement, a warrant holder may exercise its Warrants only for a whole number of shares of common stock. This means that only a whole Warrant may be exercised at any given time by a warrant holder. No fractional Warrants will be issued upon separation of the Units and only whole Warrants will trade. The Warrants will expire fiveyears after the completion of the Company’s initial business combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation. The Company has agreed that as soon as practicable, but in no event later than 30 business days, after the closing of the initial business combination, it will use its commercially reasonable efforts to file, and within 60 business days following its initial business combination to have declared effective, a registration statement for the registration, under the Securities Act, of the shares of common stock issuable upon exercise of the Warrants. The Company will use its commercially reasonable efforts to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the warrants in accordance with the provisions of the warrant agreement. No Warrants will be exercisable for cash unless the Company has an effective and