Company: FOXX
Filing Date: 2025-01-24
Form Type: 424B3
Source: 0001213900-25-006111
Chunk: 14

Company: Foxx Development Holdings Inc.
Filing Date: 2025-01-24
Form: 424B3
Chunk 14
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 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 Foxx issued in certain Transaction Financings (as defined below)) were cancelled and automatically converted into (i) the right to receive, without interest, the applicable portion of 5,000,000shares (the “Closing Payment Shares”, 500,000 of which are subject to the Escrow Arrangement (as defined herein)) of common stock of the Purchaser, par value $0.0001 per share (the “Common Stock”), and (ii) the contingent right to receive the applicable portion of the Earnout Shares (as defined herein), if, as and when payable in accordance with the earnout provisions of the Business Combination Agreement. At the Closing, the Purchaser was renamed as “Foxx Development Holdings Inc.”, which we refer as the “Company”, and the Merger Sub was renamed as “Foxx Development Inc.”, which we refer as the “Operating Subsidiary”. After the Closing, the Operating Subsidiary became the wholly -owned, Delaware -incorporatedsubsidiary of the Company. The Business Combination was consummated on September26, 2024. The Business Combination was approved at the special meeting of ACAC’s stockholders held on August27, 2024 (the “Special Meeting”). ACAC’s stockholders also voted to approve all other proposals presented at the Special Meeting. On September27, 2024, one business day after the Closing, the Common Stock and the Warrant became listed on the Nasdaq Capital Market under trading symbols “FOXX” and “FOXXW,” respectively. The Transaction Financing In consideration of market conditions, pursuant to the Business Combination Agreement, the parties agreed to use commercially best efforts to secure financing to pay transaction expense and working capital of Foxx, including without limitation, a PIPE financing, private financing, redemption waiver, convertible debt, forward purchase agreement, backstop, or equity line of credit (collectively, the “Transaction Financing”). On June21, 2023, Old Foxx entered into a securities purchase agreement (the “Convertible Note Agreement 1”) with New Bay Capital Limited, a Hong Kong registered company (“New Bay”), and issued a promissory note (“Note 1”) to New Bay in the principal amount of $2million with an interest