Company: FOXX
Filing Date: 2025-10-15
Form Type: 10-K
Source: 0001213900-25-098953
Chunk: 299

Company: Foxx Development Holdings Inc.
Filing Date: 2025-10-15
Form: 10-K
Item: Item 1B
Chunk 299
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and (ii) Old Foxx merged with and into Merger Sub, with Merger Sub surviving as our wholly-owned Delaware subsidiary after the Acquisition
Merger.

Merger
Consideration

Immediately
prior to the effective time of the Reincorporation Merger (the “Reincorporation Merger Effective Time”), which was on September
25, 2024, one business day prior to the Closing, (i) each issued and outstanding ACAC unit was automatically separated into one (1) share
of ACAC Class A common stock and one-half (1/2) of one ACAC warrant, and (ii) each share of ACAC Class A common stock held by stockholders of ACAC
who validly redeemed their shares of ACAC Class A common stock (each “ACAC Redeeming Share”) was automatically cancelled
and ceased to exist and thereafter represented only the right to be paid a pro-rata redemption price.

●At
the Reincorporation Merger Effective Time on September 25, 2024, (i) each share of ACAC Class A or Class B common stock issued and outstanding
(other than ACAC Redeeming Shares) was converted automatically into one (1) share of our common stock, par value $0.0001 per share (the
“Common Stock”), and (ii) each issued and outstanding ACAC warrant was converted automatically into one (1) redeemable our
warrant, exercisable for one (1) share of our Common Stock at an exercise price of $11.50 per share (the “Warrant”).

●At the Closing on
                                                                                                                                                                        September 26, 2024, by virtue of the Acquisition Merger and the Business Combination Agreement, and without any action on the part
                                                                                                                                                                        of any party to the Business Combination Agreement or affiliate or security thereof, the issued and outstanding shares of common
                                                                                                                                                                        stock of Old Foxx (“Original Foxx Common Stock”) held by then exiting holders of Original Foxx Common Stock (the “Original Foxx Shareholders”) immediately prior to the Closing (including shares of Old Foxx Common Stock issuable upon conversion of
                                                                                                                                                                        the principal and accrued interest of promissory notes of Old Foxx issued in the Transaction Financing, as defined below) were
                                                                                                                                                                        cancelled and automatically converted into (i) the right to receive, without interest, the applicable portion of 5,000,000 shares of
                                                                                                                                                                        our Common Stock (the “Closing Payment Stock