Company: FOXX
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-043597
Chunk: 234

Company: Foxx Development Holdings Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 2
Chunk 234
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, the “Transaction Financing”).

On June 21, 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
$2 million 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 December 21, 2023, Old Foxx issued 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 $2 million. 

In connection with the Business
Combination Agreement and all the transaction contemplated therein (the “Business Combination”), in the spring of 2024, Old
Foxx and ACAC reached out to New Bay to seek its interest in participating in further financing in connection with the Business Combination.

After negotiations with New
Bay, On March 15, 2024, Old Foxx and New Bay agreed to an amendment to amend both Convertible Note Agreement 1 and Convertible Note
Agreement 2, and to amend Note 1 and Note 2, by removing the lock-up provisions as provided therein and allowing the unpaid principal
and accrued interest on Note 1 and Note 2 to convert to Old Foxx common stock immediately prior to the closing of the Business Combination.
New Bay also subscribed for a new promissory note (“Note 3”) in the principal amount of $2 million under the same terms
and conditions as amended Note 1 and Note 2 (collectively, the “New Bay Notes”).

On March 15, 2024, Old
Foxx and New Bay amended the terms of the Note 1 and Note 2 accordingly and New Bay subscribed for a new promissory note (“Note
3”) in the principal amount of $2 million under the same terms and conditions as amended Note 1 and Note 2 (collectively “New
Bay Notes”).

On February 20, 2024,
New Bay introduced Old Foxx to BR Technologies PTE, Ltd. (“BR Technologies”), a Singapore-based company