Company: FOXX
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-043597
Chunk: 59

Company: Foxx Development Holdings Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 1
Chunk 59
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 we have added three new major customers and launched new products and
services during the period.

For the nine months ended
March 31, 2025, our sales went back to our historical level, as we have added three new major customers and launched new products and
services during the period.

The Business Combination 

Incorporated as a Delaware
corporation under the name “Acri Capital Merger Sub I Inc.” on November 13, 2023, we entered into the Business Combination
Agreement on February 18, 2024, as amended on May 31, 2024, by and among us, ACAC, Merger Sub, and Old Foxx.

Upon the Closing of the Business
Combination on September 26, 2024, ACAC merged with and into us, 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 after the Acquisition Merger.

32

Merger Consideration

Immediately prior to the
effective time of the Reincorporation Merger (the “Reincorporation Merger Effective Time”), which was on September 25, 2024,
one business day prior to the Closing, (i) each issued and outstanding ACAC unit was automatically separated into one (1) share of ACAC
Class A common stock and one-half (1/2) of one ACAC warrant, and (ii) each share of ACAC Class A common stock held by ACAC stockholders
who validly redeemed their shares of ACAC Class A common stock (each “ACAC Redeeming Share”) was automatically cancelled and
ceased to exist and thereafter represented only the right to be paid a pro-rata redemption price.

●At
the Reincorporation Merger Effective Time on September 25, 2024, (i) each share of ACAC Class A or Class B common stock issued and outstanding
(other than ACAC Redeeming Shares) was converted automatically into one (1) share of our common stock, par value $0.0001 per share (the
“Common Stock”), and (ii) each issued and outstanding ACAC warrant was converted automatically into one (1) redeemable our
warrant, exercisable for one (1) share of our Common Stock at an exercise price of $11.50 per share (the “Warrant”).

●At
the Closing