Company: FOXX
Filing Date: 2025-10-15
Form Type: 10-K
Source: 0001213900-25-098953
Chunk: 1239

Company: Foxx Development Holdings Inc.
Filing Date: 2025-10-15
Form: 10-K
Item: Item 7
Chunk 1239
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, Old Foxx entered into a securities purchase agreement
(the “Convertible Note Agreement 1”) with New Bay Capital Limited, a Hong Kong registered company (“New Bay”),
and issued a promissory note (“Note 1”) to New Bay in the principal amount of $2 million with an interest rate of 7%
per annum, convertible into shares of Original Foxx Common Stock at $30.00 per share upon the listing of Original Foxx Common Stock through
an initial public offering. On December 21, 2023, Old Foxx issued into another securities purchase agreement (the “Convertible Note
Agreement 2”) with New Bay with the same terms and conditions as the Convertible Note Agreement, and issued another promissory note
(“Note 2”) to New Bay in the principal amount of $2 million. 

In
connection with the Business Combination Agreement and all the transaction contemplated therein (the “Business Combination”),
in the spring of 2024, Old Foxx and ACAC reached out to New Bay to seek its interest in participating in further financing in connection
with the Business Combination.

After
negotiations with New Bay, On March 15, 2024, Old Foxx and New Bay agreed to an amendment to amend both Convertible Note Agreement
1 and Convertible Note Agreement 2, and to amend Note 1 and Note 2, by removing the lock-up provisions as provided therein and allowing
the unpaid principal and accrued interest on Note 1 and Note 2 to convert to Original Foxx Common Stock immediately prior to the closing of
the Business Combination. New Bay also subscribed for a new promissory note (“Note 3”) in the principal amount of $2 million
under the same terms and conditions as amended Note 1 and Note 2 (collectively, the “New Bay Notes”).

On
March 15, 2024, Old Foxx and New Bay amended the terms of the Note 1 and Note 2 accordingly and New Bay subscribed for a new promissory
note (“Note 3”) in the principal amount of $2 million under the same terms and conditions as amended Note 1 and Note
2 (collectively “New Bay Notes”).

On
February 20, 2024, New Bay introduced Old Foxx to BR Technologies PTE, Ltd. (“BR Technologies”), a Singapore-based company.
On May 30, 2024, Old Fo