Company: FOXX
Filing Date: 2025-03-18
Form Type: 8-K
Source: 0001213900-25-024794
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Company: Foxx Development Holdings Inc.
Filing Date: 2025-03-18
Form: 8-K
Item: Item 8.01
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Item
8.01 Other Events.

As previously announced,
on November 22, 2024, Ximena Semensato (the “ Plaintiff”) filed Semensato v. Foxx Development Holdings Inc., et al., No. 2024-1200
(Del. Ch. Ct.), a class action complaint (the “ Complaint”) in Delaware Chancery Court (the “ Court”) against Foxx
Development Holdings Inc. (the “ Company”) and certain “ Individual Defendants” (“ Joy” Yi Hua, Haitao
Cui, “ Jeff” Feng Jiang, “ Eva” Yiqing Miao and Edmund R. Miller) (the “ Action”). The Action seeks declaratory
relief under provisions of the Delaware General Corporation Law relating to a waiver of the corporate opportunity doctrine that is contained
in the Company’s Amended and Restated Certificate of Incorporation. The Company and each of the Individual Defendants deny any and
all wrongdoing alleged in the Complaint. However, to avoid the cost and distraction of litigation, the directors of the board of the Company
(the “ Board”) determined that it was advisable and in the best interests of the Company and its stockholders to amend Article
X of the Charter (the “ Amendment”). The Board thus approved and adopted the Second Amended and Restated Certificate of Incorporation
of the Company (the “ Amended Charter”), and will direct the Amendment to be submitted to the stockholders of the Company for
adoption and approval at the next annual meeting of stockholders with the Board’s recommendation that the Amendment be approved
and adopted by the stockholders of the Company.

On March 3, 2025, after
the Plaintiff was advised of the Board’s approval of the Amended Charter, Plaintiff filed a notice of voluntary dismissal of the
Action as moot, which the Court approved by order dated March 4, 2025. Believing that the swift resolution of this Action was in the best
interests of and benefit to the Company, and without admitting the allegations Plaintiff made in the Complaint, the Company has agreed
to pay $85,000 (the “ Mootness Fee,” inclusive of a $500 service award to Plaintiff) to Plaintiff’s counsel to resolve
the anticipated application by Plaintiff’s counsel for an award of attorneys’ fees and reimbursement of expenses. In connection
with the March 13, 2025 stipulated order closing the case, the Court ordered that the Company provide this notice. The Court has not and