Company: FOXX
Filing Date: 2025-10-15
Form Type: 10-K
Source: 0001213900-25-098953
Chunk: 1099

Company: Foxx Development Holdings Inc.
Filing Date: 2025-10-15
Form: 10-K
Item: Item 6
Chunk 1099
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ITEM
6. [Reserved]

17

ITEM
7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The
following discussion and analysis of our results of operations and financial condition should be read together with our consolidated
financial statements and the notes thereto and other financial information, which are included elsewhere in this Report. This discussion
contains forward-looking statements that involve risks and uncertainties. Factors that could cause or contribute to such differences
include those identified below and those discussed in other sections of this Annual Report on Form 10-K. Our historical results are not
necessarily indicative of the results that may be expected for any period in the future. Our financial statements have been prepared
in accordance with U.S. GAAP. In addition, our financial statements and the financial information included in this Report reflect our
organizational transactions and have been prepared as if our current corporate structure had been in place throughout the relevant periods.

Overview

Foxx
Development Holdings Inc. (“we,” “our”, “us”, or the “Company”) was incorporated on November
13, 2023 under the name “Acri Capital Merger Sub I Inc.” On September 26, 2024 (the “Closing”), Acri Capital
Acquisition Corporation (“ACAC”), a Delaware corporation and our parent company at the time, consummated a previously announced
business combination pursuant to the terms of the business combination agreement, dated February 18, 2024 (as amended on May 31, 2024,
collectively, the “Business Combination Agreement”), by and among us, ACAC, Acri Capital Merger Sub II Inc., a Delaware corporation
and our wholly-owned subsidiary at the time (“Merger Sub”), and Foxx Development Inc., a Texas corporation incorporated on
May 17, 2017 (“Old Foxx”), pursuant to which (i) ACAC merged with and into us (the “Reincorporation Merger”),
with us surviving the Reincorporation Merger, and (ii) Old Foxx merged with and into Merger Sub, with Merger Sub surviving as our wholly-owned
Delaware subsidiary (the “Acquisition Merger”). The Reincorporation Merger, the Acquisition Merger, and the transactions
contemplated under the Business Combination Agreement, are collectively referred to as the “Business Combination”.

Upon
Closing, we were renamed as “Foxx Development Holdings Inc.”, and the Merger Sub was renamed