Company: FOXX
Filing Date: 2025-10-15
Form Type: 10-K
Source: 0001213900-25-098953
Chunk: 1296

Company: Foxx Development Holdings Inc.
Filing Date: 2025-10-15
Form: 10-K
Item: Item 7
Chunk 1296
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 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 completes the Business Combination.

Immediately prior to the Closing on September 26, 2024, the Notes of
$15,000,000 and the related interests of $408,685 were automatically converted into (x) 212,050 shares of Original Foxx Common Stock for
the Notes to the Investor, (y) 200,882 shares of Original Foxx Common Stock for Note 4, and (z) 100,690 share of Original Foxx Common
Stock for Note 5, each at a price of $30.00 per share. On September 26, 2024, upon Closing of the Business Combination, all the Original
Foxx Common Stock converted from the convertible promissory notes were cancelled in exchange for the holders’ pro rata share of
the 5,000,000 Closing Payment Shares (see Note 4), resulting in a total of 1,696,668 shares of the Company’s Common Stock issued
to the holders of the convertible promissory notes at the exchange ratio of approximately 3.3033 following consummation of the Business
Combination, including (x) 700,473 shares of Common Stock issued to the Investor A, (y) 663,581 shares of Common Stock issued to Investor
B, and (z) 332,614 shares of Common Stock issued to Investor C (see Note 4).

As
of June 30, 2025 and 2024, the fair and carrying value of the Notes were $0 and $6,000,000, respectively, net of $0 unamortized premium,
discount, or issuance costs; and accrued interest related to the Notes were $0 and $267,945 as of June 30, 2025 and 2024, respectively.

F-24

Note 15
— Long-term loan

In
February 2023, the Company purchased and financed a vehicle, for which the lender put a lien on the title and will be taken as collateral
in the situation if the Company is unable to make repayment and default on the loan, with a six-year loan for a total of approximately
$