Company: APXIF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026189
Chunk: 8

Company: APx Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 8
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Second Due Date”). On the Second Due Date, the Company was obligated to (i) pay to the Payee
(as defined in the Second Promissory Note) the outstanding principal amount of the Second Promissory Note in immediately available funds
(the “Second Principal Balance”) and (ii) deliver to the Payee, as interest-in-kind, a number of newly issued Warrants equal
to the Second Principal Balance divided by (y) $1.00, rounded up to the nearest whole number of warrants. The terms of the Warrants would
be identical to the Private Placement Warrants we issued in connection with our IPO. The Payee shall be entitled to certain registration
rights with respect to the Warrants and the shares issuable upon exercise of the Warrants.

On June 22, 2023, we deposited an additional $750,000
into the Trust Account for a subsequent extension of the termination date, from June 9, 2023 to September 9, 2023 (the “Second Extension”).

On August 18, 2023, the Company paid in full the
outstanding balance of $1,625,000 drawn on the First Promissory and Second Promissory Notes, in connection we incurred a gain on settlement
of debt of $117,373. The Note payable is considered paid in full, the Company no longer has access to draw funds, and the Payee forfeited
all newly issued private placement warrants.

Third Extension 

On September 7, 2023, we held an extraordinary
general meeting (the “September 2023 EGM”) and our shareholders approved an amendment to its Articles and to the Trust Agreement
to extend the time to complete the initial business combination up to three (3) times for an additional one (1) month each time (each,
a “One Month Extension”, and collectively, the “Third Extension”) from September 9, 2023 to December 9, 2023,
by depositing the lesser of $0.025 per public share or $125,000 (each such payment, a “Month Extension Payment”) for each
one-month extension into the Trust Account. In connection with the September 2023 EGM, the holders of 757,463 public shares properly exercised
their right to redeem their shares (and did not withdraw their redemption) for an aggregate redemption amount of approximately $8,273,281.
Following such redemptions, approximately $63,340,058 remained