Company: FOXX
Filing Date: 2025-01-10
Form Type: S-1
Source: 0001213900-25-002199
Chunk: 95

Company: Foxx Development Holdings Inc.
Filing Date: 2025-01-10
Form: S-1
Chunk 95
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%, according to IDC. ____________ Source: IDC Rising Demand for Efficient Connected Devices Platform to Drive Market Growth Integrated device platforms are crucial for data analytics and artificial intelligence. Rising demand for efficient platforms for downstream data servers and enterprise application connectivity is expected to drive the growth in network management, cloud platform and device management at the highest CAGR. Device -enablementplatforms have an especially strategic advantage of enabling related IoT growth and/or AIoT (Artificial Intelligence + IoT) growth while still in their own growth phase. Rising Demand for High-Quality Connected Devices and Services at Competitive Prices Industries such 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. 55 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