New Bay Capital Ltd Acquires 2.3M Warrants, Increasing Stake in Foxx Development Holdings to 31.49%

On May 5, 2026, New Bay Capital Limited, along with New Bay Capital (Cayman) Corporation and Mr. Shi Liu, filed a Schedule 13D/A reporting a significant acquisition of securities in Foxx Development Holdings Inc. (FOXX). On May 1, 2026, New Bay entered into a Securities Transfer Agreement with Acri Capital Sponsor LLC to purchase 2,300,000 warrants at $0.11 per warrant, totaling $253,000. Following this transaction, the reporting persons collectively hold 630,426 shares of common stock and 2,300,000 warrants (exercisable for one share each at $11.50). This represents a 31.49% ownership stake based on 7,006,388 shares outstanding. The securities were acquired for investment purposes using the reporting persons' own funds. Shi Liu, as the sole owner of the parent entity, maintains sole voting and dispositive power over the shares. The filing indicates a passive investment intent with no current plans for corporate control or significant structural changes.