Company: FOXX
Filing Date: 2025-10-15
Form Type: 10-K
Source: 0001213900-25-098953
Chunk: 1375

Company: Foxx Development Holdings Inc.
Filing Date: 2025-10-15
Form: 10-K
Item: Item 7A
Chunk 1375
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orporation Merger”), and (ii) Old Foxx merged with and
into Merger Sub, with Merger Sub surviving as a wholly-owned Delaware subsidiary of the Company (the “Acquisition Merger”).
The Reincorporation Merger, the Acquisition Merger, and other transactions contemplated under the Business Combination Agreement, are
collectively referred to as the “Business Combination” (See Note 4).

Following
the consummation of the Business Combination (the “Closing”) on September 26, 2024, the Company was renamed as “Foxx
Development Holdings Inc.” and became a publicly traded company. The Merger Sub was renamed as “Foxx Development Inc.”
and became the Delaware subsidiary of the Company.

On
August 29, 2023, Foxx Technology Pte Ltd, a Singapore private company (“Foxx Technology”), was incorporated in Singapore,
with Old Foxx holding 51% of the equity interests in Foxx Technology. Foxx Technology operates in the field of the manufacture of
wireless communications equipment, and the wholesale of handphones, handphone peripheral equipment and other telecommunications equipment.
On July 30, 2024, Foxx submitted the application to dissolve Foxx Technology to the Accounting and Corporate Regulatory Authority (ACRA)
of Singapore. On November 4, 2024, ACRA granted Foxx Technology’s application and struck it off from the company register of Singapore.

On
March 3, 2025, Foxx Development (Singapore) Pte. Ltd (“Foxx Singapore”) was incorporated in Singapore. Foxx Singapore is
primarily engaged in assembling electronic products, is 100% owned by the Company. Foxx Singapore had no significant operations as of
June 30, 2025.

On
April 8, 2025, Foxx Technologies Inc (“Foxx Tech”) was incorporated in the State of California. Foxx Tech is 100% owned by
the Company. Foxx Tech had no significant operations as of June 30, 2025.

On
May 19, 2025, Nexus IQ Technology Inc (“Nexus IQ”) was incorporated in the State of Delaware. Nexus IQ is primarily engaged
in developing, sales and rental of Artificial Intelligence of Things (“AIOT”), is 100% owned by the Company. Nexus IQ had
no significant operations as of June 30, 2025.

Note 2
— Going Concern

In
assessing the Company’s ability