Highbridge Capital Management, LLC filed an amended Schedule 13G reporting beneficial ownership of 190,227 shares of Foxx Development Holdings Inc. common stock, representing 2.7% of the class as of an aggregate 6,962,811 shares outstanding on November 28, 2025, assuming warrant exercise.
The stake is held through certain Highbridge-managed funds via warrants exercisable into common stock, with Highbridge having sole voting and dispositive power over these shares. Highbridge certifies the position is held in the ordinary course of business and not for the purpose of influencing control of Foxx Development Holdings Inc.
Foxx Development Holdings Inc. reported weaker results and rising financial strain for the six months ended December 31, 2025. Revenue slipped to $36.9 million from $40.6 million a year earlier, while net loss widened sharply to $7.2 million from $0.8 million, driven in part by $4.0 million of interest expense, mainly on an unpaid purchase balance.
Cash was $1.8 million with a working capital deficit of about $14.1 million. Total assets were $42.0 million against total liabilities of $53.9 million, leaving stockholders’ deficit at $11.8 million. Management concluded these losses, cash outflows and the deficit raise substantial doubt about the company’s ability to continue as a going concern.
Foxx expanded long-term lease commitments, recognizing operating right-of-use assets of $20.9 million and operating lease liabilities of $21.0 million. The business remains highly concentrated, with one customer providing 70% of six‑month revenue and one supplier 96% of purchases. The company also received a Nasdaq notice for falling below the $35 million market‑value listing requirement, with a compliance deadline of May 4, 2026.
Foxx Development Holdings Inc. announced the appointment of Michelle Jie Shen as a director, following her election on December 22, 2025, which had been previously disclosed. On January 20, 2026, the company entered into an offer letter with Ms. Shen that provides for an annual director fee of $60,000, subject to review and determination by the Board.
The company also entered into an indemnification agreement with Ms. Shen dated January 20, 2026, which applies retroactively from December 22, 2025. Both the offer letter and the indemnification agreement are filed as exhibits and are incorporated by reference, highlighting the formalization of her compensation and protections as a member of the board.