Company: FOXX
Filing Date: 2025-01-24
Form Type: 424B3
Source: 0001213900-25-006111
Chunk: 162

Company: Foxx Development Holdings Inc.
Filing Date: 2025-01-24
Form: 424B3
Chunk 162
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 ) |
| Common stock issued to underwriter                                             |     |     43,125 |   |
| Conversion of Old Foxx’s common stock into Foxx’s common stock                 |     |  3,303,333 |   |
| Conversion of Old Foxx’s convertible promissory notes into Foxx’s common stock |     |  1,696,668 |   |
| Total common stock outstanding                                                 |     |  7,270,097 |   |

Old Foxx was determined to be the accounting acquirer given Old Foxx effectively controlled the combined entity after the Business Combination. The transaction is accounted for as a reverse recapitalization (“Reverse Recapitalization”), which is equivalent to the issuance of common stock by Old Foxx for the net monetary assets of ACAC, accompanied by a recapitalization. Old Foxx is determined as the accounting acquirer and the historical financial statements of Old Foxx became the Company’s historical financial statements, with retrospective adjustments to give effect of the Reverse Recapitalization. The net assets of ACAC were recognized as of the closing date at historical cost, with no goodwill or other intangible assets recorded. Operations prior to the Business Combination are those of Old Foxx and Old Foxx’s operations are the only ongoing operations of the Company. In connection with the Reverse Recapitalization, the Company raised approximately $19.7 million of proceeds, presented as cash flows from financing activities, which included the contribution of approximately $21.6 million of funds held in ACAC’s trust account, approximately $0.3 million of cash held in ACAC’s operating cash account, and payments of approximately $2.2 million in transaction costs incurred by ACAC. The following table reconcile the elements of the Reverse Recapitalization to the unaudited condensed consolidated statements of cash flows and the changes in shareholders’ deficit:

|                                                                                   |     | September 26, 
 2024          |             |   |
|:----------------------------------------------------------------------------------|:----|:--------------|------------:|:--|
| Funds held in ACAC’s trust account                                                |     | $             |  21,627,541 |   |
| Funds held in ACAC’s operating cash account                                       |     |               |     298,643 |   |
| Less: payments of transaction costs incurred by ACAC                              |     |               |  (2,215,896 | ) |
| Proceeds from the Reverse Recapitalization                                        |     |               |  19