Company: FOXX
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-043597
Chunk: 56

Company: Foxx Development Holdings Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 1
Chunk 56
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 corporation and our parent company at the time, (“ACAC”) 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 II Inc., a Delaware corporation and our wholly-owned subsidiary
at the time (“Merger Sub”), and Foxx Development Inc., a Texas corporation incorporated on May 17, 2017 (“Old Foxx”),
pursuant to which (i) ACAC merged with and into us (the “Reincorporation Merger”), with us surviving the Reincorporation Merger,
and (ii) Old Foxx merged with and into Merger Sub, with Merger Sub surviving as our wholly-owned Delaware subsidiary (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, we were renamed
as “Foxx Development Holdings Inc.”, and the Merger Sub was renamed as “Foxx Development Inc.” (the “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 Warrant became listed on the Nasdaq under trading symbols “FOXX”
and “FOXXW,” respectively.

Together with our Subsidiary,
we are a technology innovation firm specializing in the communications sector. Since our establishment in 2017, we have expanded our presence
to include various locations throughout the United States, such as San Francisco, CA, Dallas, TX, Atlanta, GA, Los Angeles, CA, Miami,
FL, and New York, NY. This expansion enables us to provide sales, retail, distribution, and after-sales support services while
simultaneously driving innovation through active research and development efforts aimed at pioneering new customization standards and
services.

Our business model involves
providing comprehensive hardware and software specifications to original design manufacturers. Once the products are developed, we engage
with third-party agencies to secure necessary testing and certifications, including Equipment Authorizations from the FCC and certifications
from the Global Mobile Suppliers Association. We currently offer a