Company: FOXX
Filing Date: 2025-01-24
Form Type: 424B3
Source: 0001213900-25-006111
Chunk: 169

Company: Foxx Development Holdings Inc.
Filing Date: 2025-01-24
Form: 424B3
Chunk 169
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,000,000 authorized shares of common stock, par value $0.0001 per share. As of September 30, 2024 and June 30, there are 7,270,097 and 3,303,333shares of common stock outstanding. Issuance of common stock upon completion of the Reverse Recapitalization On September 26, 2024, upon the consummation of the business combination, the Company issued an aggregated total of 2,270,096 common stock to ACAC shareholders and its underwriter. The following table presents the number of the Company’s common stock issued upon completion of the Reverse Recapitalization:

|                                                                           |     |  Shares of 
     Common 
      Stock |   |
| ACAC’s common stock outstanding prior to Reverse Recapitalization         |     |  3,971,634 |   |
| Less: redemption of ACAC’s common stock                                   |     | (1,744,663 | ) |
| Common stock issued to underwriter                                        |     |     43,125 |   |
| Total common stock issued upon completion of the Reverse Recapitalization |     |  2,270,096 |   |

F-22 FOXX DEVELOPMENT HOLDINGS INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Note 16 — Shareholders’ deficit (cont.) Conversion of convertible promissory notes into common stock On September 26, 2024, upon the consummation of the business combination, the Company issued an aggregated total of 1,696,668 common stock to the Old Foxx convertible notes holders (See Note 14). Earnout Shares As described in Note 4 — Reverse recapitalization, the Earnout Shares that are contingently issuable in connection with the Business Combination are subject to vesting based on the Company’s financial performance during the earnout period. The entitlement of 2,100,000 earnout shares to the Old Foxx shareholders were forfeited in October 2024 because the Company did not meet the earnout requirements for the fiscal year ended June 30, 2024 vesting schedule. These 2,100,000 earnout shares are not included or contributing to the value of the earnout liabilities. As of September 30, 2024, the Company’s 2,100,000 Earnout Shares that are contingently issuable in connection with the Business Combination are subject to vesting based on the