Foxx Development settles lawsuit over charter waiver; pays $85K mootness fee

Foxx Development Holdings Inc.

Class action filed Nov 22, 2024 challenged corporate opportunity waiver in company's charter.
Board approved amendment to Article X; will be submitted to stockholders at next annual meeting.
Plaintiff voluntarily dismissed action as moot on March 3, 2025; court approved March 4, 2025.
Company pays $85,000 mootness fee (incl. $500 service award) to plaintiff's counsel, denies wrongdoing.
Court ordered this notice; fee not judicially approved.

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