Company: APXIF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026189
Chunk: 67

Company: APx Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 67
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 Combination.

Following the suspension of trading on Nasdaq, our Class A ordinary
shares are quoted on the Pink Open Market of the OTC under the symbol “APXIF”.

There can be no assurance
that we will be able to satisfy Nasdaq’s initial listing requirements, or regain compliance with Nasdaq’s continued listing
requirements, in a timely manner, or at all, and such delisting may delay, or ultimately prevent, the consummation of the Business Combination.

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In order to close the Business
Combination, we will be required to demonstrate compliance with Nasdaq’s initial listing requirements, which are generally more
rigorous than Nasdaq’s continued listing requirements. We believe that we will be able to evidence compliance with Nasdaq’s
initial listing requirements (and therefore also necessarily regain compliance with respect to all applicable continued listing requirements)
upon the consummation of the Business Combination, with such compliance being a condition to the consummation of the Business Combination.
However, there can be no guarantee that we will be able to satisfy such initial listing requirements or continued listing requirements
in a timely manner, or at all.

Following the anticipated delisting of our securities from Nasdaq,
we could become subject to the “penny stock” rules, the ability of our investors to sell our securities will likely be adversely
impacted, and we may be unable to consummate the Business Combination in a timely manner, or at all, and would therefore be forced to
liquidate. If we are forced to liquidate, our investors would not be able to realize the benefits of owning shares in a successor operating
business, including the potential appreciation in the value of our securities following such a transaction, and any Public Warrants held
by our investors would expire worthless.

Following the anticipated delisting of our securities
from Nasdaq, our ordinary shares could become subject to the regulations of the SEC relating to the market for penny stocks. Penny stocks
are securities with a price of less than $5.00 per share unless (i) the securities are traded on a “recognized” national
exchange or (ii) the issuer has “Net Tangible Assets” less than $2,000,000 (if the issuer has been in continuous operation
for at least three years) or $5,000,000 (if in continuous operation for less than three years), or with average annual revenues
of less than $6,000,000 for the last three years.

The procedures applicable to