Company: FOXX
Filing Date: 2025-10-15
Form Type: 10-K
Source: 0001213900-25-098953
Chunk: 1

Company: Foxx Development Holdings Inc.
Filing Date: 2025-10-15
Form: 10-K
Item: Item 1
Chunk 1
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 Sub”), and Foxx Development Inc., a Texas corporation (“Foxx”), pursuant to which (i) ACAC merged with
and into Purchaser (the “Reincorporation Merger”), and (ii) Foxx merged with and into Merger Sub, with Merger Sub surviving
as a wholly-owned subsidiary of Purchaser (the “Acquisition Merger”). The Reincorporation Merger, the Acquisition Merger,
and the transactions contemplated under the Business Combination Agreement, are collectively referred to as the “Business Combination”.
Upon Closing, the Purchaser was renamed as “Foxx Development Holdings Inc.”, and the Merger Sub was renamed as “Foxx
Development Inc.” (the “Operating Subsidiary”).

The
ACAC securities previously traded on the Nasdaq Capital Market (“Nasdaq”) were delisted and ceased trading following the
Closing. On September 27, 2024, one business day after the Closing, our Common Stock and Warrants became listed on the Nasdaq under trading
symbols “FOXX” and “FOXXW,” respectively.

Unless
the context otherwise requires, all references in this Annual Report to “we,” “us,”, “our” or the
“Company” refer to the business and operations of Old Foxx and its subsidiaries prior to consummation of the Business Combination
and to the Registrant and the Operating Subsidiary following the consummation of the Business Combination.

Merger
Consideration

Immediately
prior to the effective time of the Reincorporation Merger (the “Reincorporation Merger Effective Time”), which was on September
25, 2024, one business day prior to the Closing, (i) each issued and outstanding ACAC unit was automatically separated into one (1) share
of ACAC Class A common stock and one-half (1/2) of one ACAC warrant, and (ii) each share of ACAC Class A common stock held by stockholders
of ACAC who validly redeemed their shares of ACAC Class A common stock (each “ACAC Redeeming Share”) was automatically cancelled
and ceased to exist and thereafter represented only the right to be paid a pro-rata redemption price.

    ●
    At the Reincorporation
    Merger Effective Time on September 25, 2024, (i) each share of ACAC Class A or Class B common stock issued and outstanding (other
    than ACAC Redeeming