Company: FOXX
Filing Date: 2025-11-18
Form Type: 10-Q
Source: 0001213900-25-112192
Chunk: 122

Company: Foxx Development Holdings Inc.
Filing Date: 2025-11-18
Form: 10-Q
Item: Item 8
Chunk 122
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 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 current registration statement covering the
common stock issuable upon exercise of the Warrants and a current prospectus relating to such shares of common stock. Notwithstanding
the above, if the Company’s common stock is at the time of any exercise of a Warrant not listed on a national securities exchange
such that it satisfies the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may,
at its option, require holders of Warrants who exercise their Warrants to do so on a “cashless basis” in accordance with Section
3(a)(9) of the Securities Act and, in the event it so elect, it will not be required to file or maintain in effect a registration statement,
but it will be required to use its commercially reasonable efforts to register or qualify the shares under applicable blue sky laws to
the extent an exemption is not available.

22

The Company may call the
Warrants for redemption, in whole and not in part, at a price of $0.01 per Warrant:

    ●
    in whole and not in part;

    ● upon not less than 30 days’ prior written notice of redemption (the “30-day redemption period”) to each warrant holder; and 

    ● if, and only if, the reported last sale price of the common stock equals or exceeds $16.50 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending three business days before the Company sends the notice of redemption to the warrant holders. 

On October 3, 2024, the Company’s
shareholders (ACAC’s public shareholders) exercised 10,500 warrants in the amount of $120,750 or $11.50 per share.

The summary of warrants activity
is as follows:

     Warrants  Outstanding   Common Stock Issuable   Weighted  Average  Exercise  Price   Average  Remaining  Contractual  Life   July 1, 2024