Company: FOXX
Filing Date: 2025-01-10
Form Type: S-1
Source: 0001213900-25-002199
Chunk: 94

Company: Foxx Development Holdings Inc.
Filing Date: 2025-01-10
Form: S-1
Chunk 94
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 smartphones to major carriers in the United States such as T -Mobile, AT&T, and Verizon. Foxx has been preparing to enter the U.S. IoT markets and launch more smartphones, tablets, wearables, and other high -qualitycommunication terminals, with the aim of growing into a key player both domestically and globally. The Business Combination was consummated on September 26, 2024. As a result of the Business Combination, Old Foxx became a wholly -ownedsubsidiary of the Company. On September 27, 2024, one business day after the Closing, the Common Stock and the Warrant became listed on the Nasdaq Capital Market under trading symbols “FOXX” and “FOXXW,” respectively. Our principal executive office is 13575 Barranca Parkway C106, Irvine, CA 92618. The Company’s principal website address is https://foxxusa.com. We do not incorporate the information contained on, or accessible through, our websites into this prospectus, and you should not consider it a part of this prospectus. The following charts summarize our corporate legal structure and identify our subsidiaries as of the date of this prospectus: 54 MARKET OPPORTUNITIES In the United States, approximately 170 million smartphones are purchased annually, with Apple, Samsung, and Moto collectively occupying 86.5% of the market share. According to data released by the United States Census Bureau, approximately 34.1% of households in the U.S. had an annual income of less than $35,000 in 2019. This highlights the demand within the U.S. market for higher value -for-moneycommunication devices. Having cultivated its presence in the U.S. market for seven years, Foxx has evolved into a reputable channel brand. Foxx will progressively introduce high -performance, cost -effectiveproducts to cater to the needs of American consumers, delivering ultimate value for their money. Internet of Things (“IoT”) technology enables interoperable information and advanced data services based on existing and evolving communication devices. IoT technology has numerous applications, ranging from gathering biometric data via wearable devices to controlling connected equipment via communication networks and cloud platforms. These devices have unique IP addresses that allow them to communicate and exchange information with other devices. The IoT market is projected to grow from $659.2 billion in 2019 to $1,112.6 billion by 2024 and $3,352.97 billion by 2030, at a CAGR of over 26.1