Company: FOXX
Filing Date: 2025-10-15
Form Type: 10-K
Source: 0001213900-25-098953
Chunk: 0

Company: Foxx Development Holdings Inc.
Filing Date: 2025-10-15
Form: 10-K
Item: Item 1
Chunk 0
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ITEM
1. BUSINESS

Overview

Founded
in Texas in 2017, we are a technology innovation firm specializing in the communications sector. Since our establishment in 2017, we
have expanded our presence to include various locations throughout the United States, such as San Francisco, CA, Dallas, TX, Atlanta,
GA, Los Angeles, CA, Miami, FL, and New York, NY. This expansion enables us to provide sales, retail, distribution, and after-sales
support services while simultaneously driving innovation through active research and development efforts aimed at pioneering new customization
standards and services.

Our
                                                                                                                                                          business model involves providing comprehensive hardware and software specifications to original design manufacturers. Once the
                                                                                                                                                          products are developed, we engage with third-party agencies to secure necessary testing and certifications, including Equipment
                                                                                                                                                          Authorizations from the FCC and certifications from the Global Mobile Suppliers Association. We currently offer a range of
                                                                                                                                                          Foxx-branded products, including tablets, smartphones, wearables, and expect to launch other high-quality communication terminals.
                                                                                                                                                          Our products are generally priced competitively after considering various factors such as product costs, research and development
                                                                                                                                                          investments, regulatory compliance, testing expenses, and shipping costs. Our customers are primarily distributors who sell
                                                                                                                                                          Foxx-branded products in the U.S. public channels and to major carriers in the United States such as T-Mobile, AT&T,
                                                                                                                                                          and Verizon. We also began E-Commerce operations in March 2024 and
                                                                                                                                                          our E-Commerce customers include customers from the TikTok Shop. We also provide an App Service by installing applications from App
                                                                                                                                                          developer partners onto its mobile devices and facilitating the distribution of these devices to end users.

The
Business Combination

Foxx
Development Holdings Inc. was incorporated under the name “Acri Capital Merger Sub I Inc.” as a Delaware corporation on November
13, 2023. On September 26, 2024 (the “Closing”), Acri Capital Acquisition Corporation, a Delaware corporation (“ACAC”)
consummated a business combination pursuant to the terms of the business combination agreement (as amended from time to time, the “Business
Combination Agreement”), by and among ACAC, Acri Capital Merger Sub I Inc., a Delaware corporation and wholly-owned subsidiary
of ACAC (the “Purchaser”), Acri Capital Merger Sub II Inc., a Delaware corporation and wholly-owned subsidiary of Purchaser
(“Merger