Company: FOXX
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-043597
Chunk: 149

Company: Foxx Development Holdings Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Item 8
Chunk 149
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240,000
private warrants and 2,603,917 working capital warrants, was converted automatically into one redeemable warrant of the Company, exercisable
for one share of common stock of the Company at an exercise price of $11.50 per share. All of these warrants met the criteria for equity
classification.

Each whole Warrant entitles
the registered holder to purchase one whole share of the Company’s common stock at a price of $11.50 per share. Pursuant
to the warrant agreement, a warrant holder may exercise its Warrants only for a whole number of shares of common stock. This means that
only a whole Warrant may be exercised at any given time by a warrant holder. No fractional Warrants will be issued upon separation of
the Units and only whole Warrants will trade. The Warrants will expire five years after the completion of the Company’s
initial business combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation.

The Company has agreed that
as soon as practicable, but in no event later than 30 business days, after the closing of the initial business combination,
it will use its commercially reasonable efforts to file, and within 60 business days following its initial business combination
to have declared effective, a registration statement for the registration, under the Securities Act, of the shares of common stock issuable
upon exercise of the Warrants. The Company will use its commercially reasonable efforts to maintain the effectiveness of such registration
statement, and a current prospectus relating thereto, until the expiration of the warrants in accordance with the provisions of the warrant
agreement. No Warrants will be exercisable for cash unless the Company has an effective and current registration statement covering the
common stock issuable upon exercise of the Warrants and a current prospectus relating to such shares of common stock. Notwithstanding
the above, if the Company’s common stock is at the time of any exercise of a Warrant not listed on a national securities exchange
such that it satisfies the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may,
at its option, require holders of Warrants who exercise their Warrants to do so on a “cashless basis” in accordance with Section
3(a)(9) of the Securities Act and, in the event it so elect, it will not be required to file or maintain in effect a registration statement