Company: FOXX
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-043597
Chunk: 37

Company: Foxx Development Holdings Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 1
Chunk 37
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,780,597 and 3,303,333 shares of common stock outstanding.

Issuance of common stock upon completion of
the Reverse Recapitalization 

On September 26, 2024, upon
the consummation of the business combination, the Company issued an aggregated total of 2,270,096 common stock to ACAC shareholders and
its underwriter.

The following table presents
the number of the Company’s common stock issued upon completion of the Reverse Recapitalization:

    Shares of Common 

    Stock 
  
    ACAC’s common stock outstanding prior to Reverse Recapitalization 
     3,971,634 
  
    Less: redemption of ACAC’s common stock 
     (1,744,663)
  
    Common stock issued to underwriter 
     43,125 
  
    Total common stock issued upon completion of the Reverse Recapitalization 
     2,270,096 

Conversion of convertible promissory notes
into common stock

On September 26, 2024, upon
the consummation of the business combination, the Company issued an aggregated total of 1,696,668 common stock to the Old Foxx convertible
notes holders (See Note 14).

Equity incentive plan  

On September 24, 2024, pursuant
to the Equity Incentive Plan (the “EIP”), 1,454,019 shares of common stock, par value $0.0001 per share, of the Company were
set aside and reserved for issuance of certain stock option award and certain restricted shares to certain of the Company’s employees
and consultants.

On November 5, 2024, the
Company granted 707,860 restricted stock units (“RSUs”) to its employees, consultants, and independent directors under its
EIP. These shares have a 4-year vesting schedule, of which, 25% will be vested after year 1 with the 1/16th of these shares will vest
each quarter thereafter on the same day of the month as the grant date. The vesting of each RSU is subject to the employee’s
continued employment and the consultant’s continued engagement through applicable vesting dates.

On January 22, 2025, the
Company granted 19,149 RSUs to one of its independent directors pursuant to the EIP. These shares have a 4-year vesting schedule, of which,
25% will be vested after year 1 with