Company: FOXX
Filing Date: 2025-01-10
Form Type: S-1
Source: 0001213900-25-002199
Chunk: 162

Company: Foxx Development Holdings Inc.
Filing Date: 2025-01-10
Form: S-1
Chunk 162
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 Financial Statements would be no less than $ 84,000,000(including $ 100,000,000) and less than $ 100,000,000(excluding $ 100,000,000); • 2,100,000Earnout Shares would be issued to Old Foxx stockholders on a pro rata basis if and only if the 2024 Foxx Revenue reflected in the 2024 Foxx Audited Financial Statements would be no less than $ 100,000,000(including $ 100,000,000). in connection with the financial performance for the fiscal year ending June 30, 2025: • 700,000Earnout Shares would be issued to Old Foxx stockholders on a pro rata basis if and only if the Company’s audited consolidated financial statements for the fiscal year ending June30, 2025 (“2025 Foxx Audited Financial Statements”), prepared in accordance with U.S. GAAP and filed with the SEC on Form 10 -Kby the Company after Closing, reflect revenue of the Company for the fiscal year ending June30, 2025 (the “2025 Foxx Revenue”) to be no less than $ 77,050,000(including $ 77,050,000) and less than $ 96,600,000(excluding $ 96,600,000); •1,400,000 Earnout Shares would be issued to Old Foxx stockholders on a pro rata basis if and only if the 2025 Foxx Revenue reflected in the 2025 Foxx Audited Financial Statements would be no less than $96,600,000 (including $96,600,000) and less than $115,000,000 (excluding $115,000,000); F-16

FOXX DEVELOPMENT HOLDINGS INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) Note 4 — Reverse recapitalization (cont.)

• Earnout Shares would be issued to Old Foxx stockholders on a pro rata basis if and only if the 2025 Foxx Revenue reflected in the 2025 Foxx Audited Financial Statements would be no less than $ (including $).

(v)All issued and outstanding ACAC warrants were converted on a one-for-one basis into warrants of the Company, including conversion from (x) ACAC’s public warrants, (y) ACAC’s private warrants, and (z) ACAC’s