Company: APXIF
Filing Date: 2025-03-31
Form Type: F-4/A
Source: 0001213900-25-026339
Chunk: 272

Company: APx Acquisition Corp. I
Filing Date: 2025-03-31
Form: F-4/A
Chunk 272
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 to May15, 2024, for the interim financial statements related to Heritas Argentina and MultiplAI, and the pro forma information concerning the Company, to be delivered to SPAC. On March 21, 2024, Greenberg circulated to Linklaters a proposed execution version of the Business Combination Agreement. On March 25, 2024, the Business Combination Agreement was executed by the parties and, on March 26, 2024, the Business Combination was publicly announced. In May 2024, a few critical risks emerged while preparing for the integration with MultiplAI. Notably, there was a significant discrepancy between the operational focus of the companies and the financial needs required to execute on both. OmnigenicsAI, focused on the Latin American market, and MultiplAI, being pre -revenueand primarily focused on the U.S. market, faced alignment challenges. This mismatch in strategic focus led to a recalibration of the combined entity’s projected capital expenditures, as integration would require establishing a larger footprint in the United States, significantly increasing operating costs and limiting our ability to benefit from the cost efficiencies available in Latin America. Additionally, the U.S. regulatory landscape presents unique challenges, with both federal and state -levelregulations, which would demand substantial capital and resources to achieve compliance, surpassing initial projections and presenting a substantial financial risk for the Combined Company. 127 For example, on May 6, 2024, the FDA issued a final rule on Laboratory Developed Tests (LDTs), that impacted the regulatory landscape for these tests in the US for the coming years. As MultiplAI’s test is classified as an LDT, this new regulatory environment introduced different compliance challenges, operational risks, and additional resources than were originally envisioned, requiring additional financial obligations to address. As such, the combined entity’s projected capital and operational expenditures ultimately surpassed initial expectations, presenting substantial financial risk. Due to these circumstances, both companies decided it would be mutually beneficial to terminate the MultiplAI Share Purchase Agreement. On August 11, 2024, MultiplAI, the Company, and Parent entered into a binding term sheet for a reseller license agreement (the “Reseller License Agreement”), pursuant to which MultiplAI granted OmnigenicsAI an exclusive license to market certain products in Latin America through December 31, 2030. This license applies to MultiplAI’s proprietary blood -based, laboratory -developedtest for detecting markers associated with conditions like calcified atherosclerotic