Company: FOXX
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014221
Chunk: 142

Company: Foxx Development Holdings Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Item 8
Chunk 142
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 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 as “Foxx Development Inc.” (the “Subsidiary”).

The ACAC securities previously
traded on the Nasdaq Capital Market (“Nasdaq”) were delisted and ceased trading following the Closing. On September 27, 2024,
one business day after the Closing, our Common Stock and Warrant became listed on the Nasdaq under trading symbols “FOXX”
and “FOXXW,” respectively.

Together with our Subsidiary,
we are a technology innovation firm specializing in the communications sector. Since our establishment in 2017, we have expanded our presence
to include various locations throughout the United States, such as San Francisco, CA, Dallas, TX, Atlanta, GA, Los Angeles, CA, Miami,
FL, and New York, NY. This expansion enables us to provide sales, retail, distribution, and after-sales support services while
simultaneously driving innovation through active research and development efforts aimed at pioneering new customization standards and
services.

Our business model involves
providing comprehensive hardware and software specifications to original design manufacturers. Once the products are developed, we engage
with third-party agencies to secure necessary testing and certifications, including Equipment Authorizations from the FCC and certifications
from the Global Mobile Suppliers Association. We currently offer a range of Foxx-branded products, including tablets, smartphones, wearables,
and expects to launch other high-quality communication terminals. Our products are generally priced competitively after considering various
factors such as product costs, research and development investments, regulatory compliance, testing expenses, and shipping costs. Our
customers are primarily distributors who sell Foxx-branded products in the U.S. public channels and to major carriers in the United States
such as T-Mobile, AT&T, and Verizon. Our customers also included individual E-Commerce customers from TikTok Shop, which we began
our E-Commerce operations in March 2024.

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