Company: FOXX
Filing Date: 2025-01-10
Form Type: S-1
Source: 0001213900-25-002199
Chunk: 178

Company: Foxx Development Holdings Inc.
Filing Date: 2025-01-10
Form: S-1
Chunk 178
---
 |     | $ |     (0.17 | ) |

|                                                      |     | For the Three Months Ended 
              September 30, |     |            |
|                                                      |     |                       2024 |     |       2023 |
|                                                      |     |                 -Unaudited |     | -Unaudited |
| Earnout Shares*                                      |     |                  2,100,000 |     |          — |
| Warrants**                                           |     |                 12,156,423 |     |          — |
| Common stock underlying from the convertible notes** |     |                          — |     |    224,504 |
| Total                                                |     |                 14,256,423 |     |    224,504 |

____________

*

**

Note 24 — Subsequent events The Company evaluated all events and transactions that occurred after September 30, 2024 up through the date the Company issued these unaudited condensed consolidated financial statements. On October 3, 2024, the Company’s shareholders (ACAC’s public shareholders) excised 10,500warrants in the amount of $ 120,750or $ 11.50per share. In October 2024, the Company paid approximately $ 20.5million to the ACAC redeeming shareholders as a result on their share redemptions in connection with the Business Combination. On November 5, 2024, the Company granted 707,860restricted shares to its employees, consultants, and independent directors under its employee incentive plan. These shares have a 4 -yearvesting schedule, of which, 25% will be vested after year 1 with the remaining 75% will be vested quarterly from year 2 to year 4.

F-29 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Shareholders and Board of Directors of Foxx Development Inc. Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Foxx Development Inc. (the “Company”) as of June 30, 2024 and 2023, the related consolidated statements of operations, changes in shareholders’ deficit and cash flows for each of the two years in the period ended June 30, 2024, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of June 30, 2024 and 202