Company: FOXX
Filing Date: 2025-01-10
Form Type: S-1
Source: 0001213900-25-002199
Chunk: 171

Company: Foxx Development Holdings Inc.
Filing Date: 2025-01-10
Form: S-1
Chunk 171
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4 and June 30, 2024, the Company has authorized shares of common stock, par value $ per share. As of September 30, 2024 and June 30, there are and 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 common stock to ACAC shareholders and its underwriter.

|                                                                           |     |  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 |   |

F-22 FOXX DEVELOPMENT HOLDINGS INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Note 16 — Shareholders’ deficit (cont.) 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 1,696,668common stock to the Old Foxx convertible notes holders (See Note 14). Earnout Shares As described in Note 4 — Reverse recapitalization, the Earnout Shares that are contingently issuable in connection with the Business Combination are subject to vesting based on the Company’s financial performance during the earnout period. The entitlement of 2,100,000earnout shares to the Old Foxx shareholders were forfeited in October 2024 because the Company did not meet the earnout requirements for the fiscal year ended June 30, 2024 vesting schedule. These 2,100,000earnout shares are not included or contributing to the value of the earnout liabilities. As of September 30, 2024, the Company’s 2,100,000Earnout Shares that are contingently issuable in connection with the Business Combination are subject to vesting based on the Company’s financial performance during the fiscal year ended June 30, 2025. The 2,100,000Earnout Shares are classified as a liability and measured