Company: FOXX
Filing Date: 2025-10-15
Form Type: 10-K
Source: 0001213900-25-098953
Chunk: 1034

Company: Foxx Development Holdings Inc.
Filing Date: 2025-10-15
Form: 10-K
Item: Item 5
Chunk 1034
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 an aggregated total of 2,270,096 common stock
to ACAC shareholders and its underwriter.

The
following table presents the number of the Company’s common stock issued upon completion of the Reverse Recapitalization:

    Shares
    of
    Common 

    Stock 
  
    ACAC’s common
    stock outstanding prior to Reverse Recapitalization 
     3,971,634 
  
    Less: redemption of ACAC’s
    common stock 
     (1,744,663)
  
    Common
    stock issued to underwriter 
     43,125 
  
    Total
    common stock issued upon completion of the Reverse Recapitalization 
     2,270,096 

Conversion
of convertible promissory notes into common stock

On
September 26, 2024, upon the consummation of the business combination, the Company issued an aggregated total of 1,696,668 common stock
to the Old Foxx convertible notes holders (See Note 14).

Equity
incentive plan  

On
September 24, 2024, pursuant to the Equity Incentive Plan (the “EIP”), 1,454,019 shares of common stock, par value $0.0001
per share, of the Company were set aside and reserved for issuance of certain stock option award and certain restricted shares to certain
of the Company’s employees and consultants.

On
November 5, 2024, the Company granted 707,860 restricted stock units (“RSUs”) to its employees, consultants, and independent
directors under its 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
employee’s continued employment and the consultant’s continued engagement through applicable vesting dates.

F-25

On
January 22, 2025, the 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 RS