Company: FOXX
Filing Date: 2025-10-15
Form Type: 10-K
Source: 0001213900-25-098953
Chunk: 159

Company: Foxx Development Holdings Inc.
Filing Date: 2025-10-15
Form: 10-K
Item: Item 1A
Chunk 159
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 administrator also has the power to determine the persons to whom and
the time or times at which awards will be made and to make all other determinations and take all other actions advisable for the administration
of the Incentive Plan. All decisions made by the administrator pursuant to the provisions of the Incentive Plan will be final, conclusive,
and binding.

A
total number of shares of Common Stock equal to 20% of the outstanding shares of our Common Stock at the Closing, will be available for
grant under the Incentive Plan. As of the date of this Annual Report, 1,454,019 shares  of our Common Stock became authorized for
issuance under the Incentive Plan.

Recent
Sales of Unregistered Securities

None.

Purchases
of Equity Securities by the Issuer and Affiliated Purchasers

None.

ITEM
6. [Reserved]

17

ITEM
7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The
following discussion and analysis of our results of operations and financial condition should be read together with our consolidated
financial statements and the notes thereto and other financial information, which are included elsewhere in this Report. This discussion
contains forward-looking statements that involve risks and uncertainties. Factors that could cause or contribute to such differences
include those identified below and those discussed in other sections of this Annual Report on Form 10-K. Our historical results are not
necessarily indicative of the results that may be expected for any period in the future. Our financial statements have been prepared
in accordance with U.S. GAAP. In addition, our financial statements and the financial information included in this Report reflect our
organizational transactions and have been prepared as if our current corporate structure had been in place throughout the relevant periods.

Overview

Foxx
Development Holdings Inc. (“we,” “our”, “us”, or the “Company”) was incorporated on November
13, 2023 under the name “Acri Capital Merger Sub I Inc.” On September 26, 2024 (the “Closing”), Acri Capital
Acquisition Corporation (“ACAC”), a Delaware corporation and our parent company at the time, consummated a previously announced
business combination pursuant to the terms of the business combination agreement, dated February 18, 2024 (as amended on May 31, 2024,
collectively, the “Business Combination Agreement”), by and among us, ACAC, Acri Capital Merger Sub