Company: FOXX
Filing Date: 2025-01-10
Form Type: S-1
Source: 0001213900-25-002199
Chunk: 15

Company: Foxx Development Holdings Inc.
Filing Date: 2025-01-10
Form: S-1
Chunk 15
---
0001 per share (the “Common Stock”), and (ii) the contingent right to receive the applicable portion of the Earnout Shares (as defined herein), if, as and when payable in accordance with the earnout provisions of the Business Combination Agreement. At the Closing, the Purchaser was renamed as “Foxx Development Holdings Inc.”, which we refer as the “Company”, and the Merger Sub was renamed as “Foxx Development Inc.”, which we refer as the “Operating Subsidiary”. After the Closing, the Operating Subsidiary became the wholly -owned, Delaware -incorporatedsubsidiary of the Company. The Business Combination was consummated on September26, 2024. The Business Combination was approved at the special meeting of ACAC’s stockholders held on August27, 2024 (the “Special Meeting”). ACAC’s stockholders also voted to approve all other proposals presented at the Special Meeting. On September27, 2024, one business day after the Closing, the Common Stock and the Warrant became listed on the Nasdaq Capital Market under trading symbols “FOXX” and “FOXXW,” respectively. The Transaction Financing In consideration of market conditions, pursuant to the Business Combination Agreement, the parties agreed to use commercially best efforts to secure financing to pay transaction expense and working capital of Foxx, including without limitation, a PIPE financing, private financing, redemption waiver, convertible debt, forward purchase agreement, backstop, or equity line of credit (collectively, the “Transaction Financing”). On June21, 2023, Old Foxx entered into a securities purchase agreement (the “Convertible Note Agreement 1”) with New Bay Capital Limited, a Hong Kong registered company (“New Bay”), and issued a promissory note (“Note 1”) to New Bay in the principal amount of $2million with an interest rate of 7% per annum, convertible into shares of Old Foxx common stock at $30.00 per share upon the listing of Old Foxx common stock through an initial public offering. On December21, 2023, Old Foxx entered into another securities purchase agreement (the “Convertible Note Agreement 2”) with New Bay with the same terms and conditions as the Convertible Note Agreement, and issued another promissory note (“Note 2”) to New Bay in the principal amount of $2million. In connection with the Business Combination Agreement and all the transaction contemplated therein (the “Business Combination”), in the spring of 202