Company: FOXX
Filing Date: 2025-01-10
Form Type: S-1
Source: 0001213900-25-002199
Chunk: 2

Company: Foxx Development Holdings Inc.
Filing Date: 2025-01-10
Form: S-1
Chunk 2
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,994shares of Common Stock issuable upon the exercise of warrants of the Company (the “IPO Warrants”) to purchase shares of Common Stock at an exercise price of $11.50, which were issued on September 26, 2024 (the “Closing” or “Closing Date”) in exchange for the public warrants of Acri Capital Acquisition Corporation (“ACAC”) that were issued in the initial public offering of ACAC (“ACAC IPO”) as part of the units (each consisting of one Class A ordinary share and one -halfof one redeemable warrant of ACAC) at a public offering price of $10.00 per unit; (2) 5,240,000 shares of Common Stock issuable upon the exercise of warrants of the Company (the “Private Placement Warrants”) to purchase shares of Common Stock at an exercise price of $11.50, which were issued to Acri Capital Sponsor LLC, a Delaware limited liability company, the sponsor of the ACAC IPO (the “Sponsor”) on the Closing Date in exchange for the private warrants of ACAC purchased by the Sponsor for a total purchase price of $5,240,000 in connection with ACAC IPO, and (3) 2,603,923 shares of Common Stock issuable upon the exercise of warrants of the Company (the “Working Capital Warrants”, together with the Private Placement Warrants, the “Sponsor Warrants”) to purchase shares of Common Stock at an exercise price of $11.50, which were issued to the Sponsor on the Closing Date in exchange for the warrants of ACAC issued to the Sponsor upon the conversion of the promissory notes issued by ACAC (the “Working Capital Notes”) in connection with the working capital loans provided by the Sponsor, the officers and directors of ACAC, and/or their designees. The IPO Warrants of the Company and the Sponsor Warrants of the Company are collectively referred herein as the “Warrants.” We will receive proceeds from the exercise of Warrants if the Warrants are exercised for cash. The likelihood that warrant holders will exercise the Warrants and any cash proceeds that we would receive is dependent upon the market price of our Common Stock. Based on the closing price of our Common Stock at $[__] per share on [__], 2025, which is less than the exercise price of $11.50 per share pursuant to the terms of the Warrants, we believe holders of the Warrants will be unlikely to exercise their Warrants,