Company: FOXX
Filing Date: 2025-10-15
Form Type: 10-K
Source: 0001213900-25-098953
Chunk: 770

Company: Foxx Development Holdings Inc.
Filing Date: 2025-10-15
Form: 10-K
Item: Item 3
Chunk 770
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 price of $11.50 per share. All of these warrants
met the criteria for equity classification.

Each
whole Warrant entitles the registered holder to purchase one whole share of the Company’s common stock at a price of
$11.50 per share. Pursuant to the warrant agreement, a warrant holder may exercise its Warrants only for a whole number of shares
of common stock. This means that only a whole Warrant may be exercised at any given time by a warrant holder. No fractional Warrants
will be issued upon separation of the Units and only whole Warrants will trade. The Warrants will expire five years after the
completion of the Company’s initial business combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

The
Company has agreed that as soon as practicable, but in no event later than 30 business days, after the closing of the
initial business combination, it will use its commercially reasonable efforts to file, and within 60 business days following
its initial business combination to have declared effective, a registration statement for the registration, under the Securities Act,
of the shares of common stock issuable upon exercise of the Warrants. The Company will use its commercially reasonable efforts to maintain
the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration of the warrants in
accordance with the provisions of the warrant agreement. No Warrants will be exercisable for cash unless the Company has an effective
and current registration statement covering the common stock issuable upon exercise of the Warrants and a current prospectus relating
to such shares of common stock. Notwithstanding the above, if the Company’s common stock is at the time of any exercise of a Warrant
not listed on a national securities exchange such that it satisfies the definition of a “covered security” under Section
18(b)(1) of the Securities Act, the Company may, at its option, require holders of Warrants who exercise their Warrants to do so on a
“cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event it so elect, it will not be required
to file or maintain in effect a registration statement, but it will be required to use its commercially reasonable efforts to register
or qualify the shares under applicable blue sky laws to the extent an exemption is not available.

The
Company may call the Warrants