Company: FOXX
Filing Date: 2025-02-14
Form Type: 10-Q
Source: 0001213900-25-014221
Chunk: 8

Company: Foxx Development Holdings Inc.
Filing Date: 2025-02-14
Form: 10-Q
Item: Item 1
Chunk 8
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    $5,688,007  
    $- 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

4

FOXX
DEVELOPMENT HOLDINGS INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited) 

Note 1 — Nature of business
and organization

Foxx Development Holdings
Inc. (“Foxx” or the “Company”) was incorporated on November 13, 2023 under the name “Acri Capital Merger
Sub I Inc.” On February 18, 2024, the Company entered into a business combination agreement (as amended on May 31, 2024, the “Business
Combination Agreement”), by and among the Company, Acri Capital Acquisition Corporation, a Delaware corporation and our parent company
at the time (“ACAC”), Acri Capital Merger Sub II Inc., a Delaware corporation and our wholly-owned subsidiary at the time
(“Merger Sub”), and Foxx Development Inc. (“Old Foxx”), a Texas corporation incorporated on March 17, 2017
primarily engaged in the sales of electronic products, pursuant to which (i) ACAC merged with and into the Company, with the Company as
the surviving Delaware corporation (the “Reincorporation 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 Purchaser.

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. Since the Company owns the majority
controlling