Company: FOXX
Filing Date: 2025-01-10
Form Type: S-1
Source: 0001213900-25-002199
Chunk: 144

Company: Foxx Development Holdings Inc.
Filing Date: 2025-01-10
Form: S-1
Chunk 144
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 establishes an exemption. The withholding provisions under FATCA generally apply to dividends on our Common Stock, and, subject to the proposed regulations described in the next sentence, will apply to gross proceeds of a sale or other disposition of our Common Stock. The Treasury Department has released proposed regulations (the preamble to which specifies that taxpayers are permitted to rely on them pending finalization) which, if finalized in their present form, would eliminate FATCA withholding on gross proceeds of a disposition of our Common Stock. Under certain circumstances, a non -U.S. holder might be eligible for refunds or credits of such taxes. An intergovernmental agreement between the United States and an applicable foreign country may modify the requirements described in this paragraph. You should consult your tax advisors regarding the possible implications of FATCA on your investment in our Common Stock. The preceding discussion of U.S. federal tax considerations is for general information only. It is not tax advice. Each prospective investor should consult its tax advisor regarding the particular U.S. federal, state and local and non -U .S. tax consequences of purchasing, holding and disposing of our Common Stock, including the consequences of any proposed change in applicable laws. 92 PLAN OF DISTRIBUTION We are registering the issuance by us of up to 12,145,917shares of Common Stock issuable upon the exercise of the Warrants. Pursuant to the terms of the Warrants, shares of Common Stock will be distributed to those holders who surrender the Warrants and provide payment of the exercise price to us. Upon receipt of proper notice by any of the holders of the Warrants issued that such holder desires to exercise the Warrant, we will, within the time allotted by the agreement governing the Warrants, issue instructions to our transfer agent to issue shares of Common Stock to the holder. If, at the time the Warrants are exercised, this registration statement is effective and the prospectus included herein is current, the Common Stock issued upon the exercise of the Warrants will be issued free of a restrictive legend. We could potentially receive up to an aggregate of $139,678,046 from the exercise of the Warrants, assuming the exercise in full of all of these warrants for cash. The likelihood that warrant holders will exercise the Warrants and any cash proceeds that we would receive is dependent upon the market price of our Common Stock. Based on the closing price of our Common Stock at $[*] on [*], 2025, which is less than the exercise price of $11.50 per share pursuant to the terms of