v3.26.1
Convertible Promissory Notes
 9 Months Ended
Mar. 31, 2026
Convertible Promissory Notes [Abstract]  
Convertible promissory notes

Note 13 — Convertible promissory notes

 

From June 2023 to May 2024, Old Foxx issued four convertible promissory notes (the “Notes”) to three investors, in an aggregated principal amount of $15,000,000 and an interest rate of 7% per annum. Each note would mature on the earlier of the 12-month anniversary of its issuance date, or the date of the initial closing of the initial public offering (“IPO”) of Old Foxx. Immediately prior to the Closing on September 26, 2024, the Notes of $15,000,000 and the related interests of $408,685 were automatically converted into 513,622 share of Old Foxx Common Stock, each at a price of $30.00 per share. On September 26, 2024, upon Closing of the Business Combination, all the Old Foxx Common Stock converted from the convertible promissory notes were cancelled in exchange for the holders’ pro rata share of the 5,000,000 Closing Payment Shares, resulting in a total of 1,696,668 shares of the Company’s Common Stock issued to the holders of the Notes at the exchange ratio of approximately 3.3033 following consummation of the Business Combination (see Note 4).