Company: FOXX
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014221
Chunk: 141

Company: Foxx Development Holdings Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Item 8
Chunk 141
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Company granted 19,149 RSUs to one of its independent directors pursuant to the EIP. These shares have a 4-year vesting schedule, of which,
25% will be vested after year 1 with the 1/16th of these shares will vest each quarter thereafter on the same day of the month as the
grant date. The vesting of each RSU is subject to the director’s continued employment through applicable vesting date.

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ITEM 2.  MANAGEMENT’S DISCUSSION
AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion
and analysis is intended as a review of significant factors affecting our financial condition and results of operations for the periods
indicated. The discussion should be read in conjunction with our unaudited condensed consolidated financial statements and the related
notes included elsewhere in this Quarterly Report on Form 10-Q and the audited financial statements and the other information set forth
in the Annual Report on Form 10-K for the fiscal year ended June 30, 2024 filed with the Securities and Exchange Commission (the “SEC”)
on October 24, 2024. In addition to historical information, the following Management’s Discussion and Analysis of Financial Condition
and Results of Operations contains forward-looking statements that involve risks and uncertainties. Our actual results could differ significantly
from those anticipated in these forward-looking statements as a result of certain factors discussed herein and any other periodic reports
filed and to be filed with the SEC. 

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,
a Delaware corporation and our parent company at the time, (“ACAC”) 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