Company: FOXX
Filing Date: 2025-10-15
Form Type: 10-K
Source: 0001213900-25-098953
Chunk: 564

Company: Foxx Development Holdings Inc.
Filing Date: 2025-10-15
Form: 10-K
Item: Item 2
Chunk 564
---
 Incorporation
of the Company (the “Amended Charter”), and was planning for the Amendment to be submitted to the stockholders of the Company
for adoption and approval at the next annual meeting of stockholders with the Board’s recommendation that the Amendment be approved
and adopted by the stockholders of the Company.

On March 3, 2025, after the Plaintiff was advised of the Board’s
approval of the Amended Charter, the Plaintiff filed a notice of voluntary dismissal of the Action as moot, which the Court approved by
order dated March 4, 2025. Believing that the swift resolution of the Action was in the best interests of and benefit to the Company,
and without admitting the allegations Plaintiff made in the Complaint, the Company agreed to pay $85,000 (the “Mootness Fee,”
inclusive of a $500 service award to Plaintiff) to Plaintiff’s counsel to resolve the anticipated application by Plaintiff’s
counsel for an award of attorneys’ fees and reimbursement of expenses. The Court has not and will not pass judgment on the amount
of the Mootness Fee.

The
results of any future litigation cannot be predicted with certainty, and regardless of the outcome, litigation can have an adverse impact
on us because of defense and settlement costs, diversion of management resources, and other factors.

ITEM
4. MINE SAFETY DISCLOSURES

Not
Applicable.

16

PART
II

ITEM
5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

Market
Information

Our
Common Stock and Public Warrants are traded on Nasdaq under the symbols “FOXX” and “FOXXW,” respectively.

Stockholders

As  of October 13, 2025, the numbers of record holders of our
Common Stock and Public Warrants were 4 and 2, respectively, not including beneficial holders whose securities are held in street name.

Dividends

We have never declared or paid cash dividends on our capital stock.
We do not anticipate declaring or paying, in the foreseeable future, any cash dividends on our capital stock. We intend to retain all
available funds and future earnings, if any, to fund the development and expansion of our business, and we do not anticipate paying any
cash dividends in the foreseeable future. Any future determination regarding the declaration and payment of dividends, if any, will be
at the discretion of our Board