Company: FOXX
Filing Date: 2025-10-15
Form Type: 10-K
Source: 0001213900-25-098953
Chunk: 630

Company: Foxx Development Holdings Inc.
Filing Date: 2025-10-15
Form: 10-K
Item: Item 2
Chunk 630
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 2023 (note issuance date), Old Foxx issued a convertible promissory note (the “Note 1”) to Investor A,
a Hong Kong registered entity, in the amount of $2,000,000 at 7% per annum. The maturity date for the note is the earlier of the
12-month anniversary of the note issuance date and the date when Old Foxx redeems the note, or the date of the initial closing of the
initial public offering (“IPO”) of Old Foxx.

On
November 21, 2023, Old Foxx issued a second convertible promissory note (“Note 2”) to Investor A in the amount
of $2,000,000 at 7% per annum. The maturity and other terms were the same to Note 1.

On
March 15, 2024, Old Foxx and the Investor entered into an Amendment to the Convertible Note Agreement to the Note 1 and
Note 2 and agreed that all accrued interest shall become due and payable in shares of common stock of Old Foxx, at a price of $30.00
per share at the time that the Old Foxx completes the Business Combination.

On
March 15, 2024, Old Foxx issued a third convertible promissory note (“the Note 3”, together with Note 1 and
Note 2, collectively as “Notes”) to the Investor A for the amount of $2,000,000 at 7% per annum. The maturity and other
terms were the same to Note 1 and Note 2.

On
May 30, 2024, Old Foxx entered into a securities purchase agreement for issuance of convertible promissory notes to Investor B in
the amount of $6,000,000 (“Note 4”) and to Investor C in the amount of $3,000,000 (“Note 5”), at 7%
per annum. The Note 4 and Note 5 were received in August and September 2024 prior to the Closing. The maturity date for the
Note 4 and Note 5 would be due at the earlier of the 12-month anniversary of the issuance date or IPO of Old Foxx. The
Note 4 and Note 5 and their accrued and unpaid interest would be automatically convertible into shares of common stock of Old
Foxx, at a price of $30.00 per share at the time that Old Foxx