Company: FOXX
Filing Date: 2025-01-24
Form Type: 424B3
Source: 0001213900-25-006111
Chunk: 94

Company: Foxx Development Holdings Inc.
Filing Date: 2025-01-24
Form: 424B3
Chunk 94
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 as healthcare, agriculture, manufacturing, transportation, and sustainable energy are implementing intelligent solutions to improve their present systems. Solutions such as real -timestreaming analytics, data management, remote monitoring, and network band management require an increasing number of high -qualitydevices and services at competitive prices. To embrace the market opportunities and optimize our research and development strength, we have been working towards upgrading and expanding our products with IoT technology and establishing a IoT platform. The Artificial Intelligence of Things (AIoT) is the combination of artificial intelligence (AI) technologies with the IoT infrastructure to achieve more efficient IoT operations, improve human -machineinteractions, and enhance data management and analytics. In the AIoT market segment, we expect to observe an industry transformation from single device intelligence to small -scalescene -basedintelligence with connected devices over the short run. Over the long run, we expect to enjoy continuous enhancement of scenario experience and an industry transformation towards large -scalescene -basedintelligence. 56 BUSINESS Unless the context otherwise requires, all references in this subsection to “we,” “us” or “our” refer to the business of Foxx prior to the consummation of the Business Combination, and collectively to the Company and its subsidiaries, including Foxx, following the consummation of the Business Combination. Overview Foxx Development Holdings Inc. ( “we,” “our”, “us”, or the “Company”) was incorporated on November 13, 2023 under the name “Acri Capital Merger Sub I Inc.” On September 26, 2024 (the “Closing”), Acri Capital Acquisition Corporation, a Delaware corporation and our parent company at the time, (“ACAC”) consummated a previously announced business combination pursuant to the terms of the business combination agreement, dated February 18, 2024 (as amended on May 31, 2024, collectively, the “Business Combination Agreement”), by and among us, ACAC, Acri Capital Merger Sub II Inc., a Delaware corporation and our wholly -ownedsubsidiary at the time (“Merger Sub”), and Foxx Development Inc., a Texas corporation incorporated on May 17, 2017 (“Old Foxx”), pursuant to which (i) ACAC merged with and into us (the “Reincorporation Merger”), with us surviving the Reincorporation Merger, and (ii) Old Foxx merged with and into Merger Sub, with Merger Sub surviving as our wholly -ownedDelaware subsidiary (