Company: FOXX
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-043597
Chunk: 230

Company: Foxx Development Holdings Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 2
Chunk 230
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 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 ACAC stockholders
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 Shares) was converted automatically into one (1) share of our common stock, par value $0.0001 per share (the
“Common Stock”), and (ii) each issued and outstanding ACAC warrant was converted automatically into one (1) redeemable our
warrant, exercisable for one (1) share of our Common Stock at an exercise price of $11.50 per share (the “Warrant”).

●At
the Closing on September 26, 2024, by virtue of the Acquisition Merger and the Business Combination Agreement, and without any action
on the part of any party to the Business Combination Agreement or affiliate or security thereof, the issued and outstanding shares of
common stock of Old Foxx (“Old Foxx Common Stock”) held by exiting holders of Old Foxx common stock (the “Old Foxx
Stockholders”) immediately prior to the Closing (including shares of Old Foxx Common Stock issuable upon conversion of the principal
and accrued interest of promissory notes of Old Foxx issued in the Transaction Financing, as defined below) were cancelled and automatically
converted into (i) the right to receive, without interest, the applicable portion of 5,000,000 shares of our Common Stock (the “Closing
Payment Stock”, 500,000 of which are subject to the Escrow Arrangement noted below), and (ii) the contingent right to receive the
applicable portion of the Earnout Shares (as defined below), if, as and when payable in accordance with the earnout provisions of the
Business Combination