Company: FOXX
Filing Date: 2025-01-10
Form Type: S-1
Source: 0001213900-25-002199
Chunk: 200

Company: Foxx Development Holdings Inc.
Filing Date: 2025-01-10
Form: S-1
Chunk 200
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 the Foxx completes the Business Combination. On March 15, 2024, Foxx issued a third convertible promissory note (“the Convertible Note 3”, together with Convertible Note 1 and Convertible Note 2, collectively as “Notes”) to the same Investor for the amount of $ 2,000,000at 7% per annum and Foxx received $ 1,000,000from the Investor as of March 31, 2024. The Company received the remaining proceeds of $ 1,000,000on April 8, 2024. The maturity and other terms were the same to Convertible Note 1 and Convertible Note 2. On May 30, 2024, Foxx entered into a securities purchase agreement for issuance of convertible promissory notes to BR Technologies Pte. Ltd in the amount of $ 6,000,000and to Grazyna Plawinski Limited in the amount of $ 3,000,000, at 7% per annum (collectively, the “Convertible Notes 4”). In August and September 2024, the Company received the proceeds of $ 9,000,000from the Convertible Notes 4. The maturity date for the Convertible Notes 4 will be due at the earlier of the 12 -monthanniversary of the issuance date. The Convertible Notes 4 and their accrued and unpaid interest will be automatically convertible into shares of common stock of Foxx, at a price of $ 30.00per share at the time that the Company completes the Business Combination. The Convertible Notes 4 and the related interests were automatically converted into (i) the right to receive, without interest, the applicable portion of 5,000,000shares of Common Stock of the Company (the “Closing Payment Stock” as defined below) following consummation of the Business Combination on September 26, 2024. The Notes are automatically convertible into shares of common stock of Foxx (collectively, the “Converted Shares”), par value of $ 0.001per share, at a price of $ 30.00per share at the time that Foxx completes the Business Combination. Interest shall accrue on the outstanding unconverted and unpaid principal amount at 7% per annum and shall be compounded annually from the issuance date until interest payment date, which is the first to occur of (i) the maturity date, and (ii) the date of any conversion of the Note