Company: APXIF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026189
Chunk: 247

Company: APx Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 247
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iled to, accounting
principles generally accepted in the United States of America (“GAAP”) or international financial reporting standards as issued
by the International Accounting Standards Board (“IFRS”) depending on the circumstances and the historical financial statements
may be required to be audited in accordance with the standards of the PCAOB.” These financial statement requirements may limit the
pool of potential target businesses we may acquire because some targets may be unable to provide such financial statements in time for
us to disclose such statements in accordance with federal proxy rules and complete our initial business combination within the prescribed
time frame.

We may experience a shortage of working capital as the net proceeds
generated from the IPO and the sale of private placement warrants not held in the Trust Account may not be sufficient to sustain our operations
for the duration of the Combination Period. This may result in limitations to the amount of funds available for our businesses search
and the completion of our initial business combination. Consequently, we will need to rely on loans from Templar Sponsor, management team,
their affiliates or third parties to finance our search and finalization of the initial business combination, if any. 

Of the net proceeds of the IPO and the sale of
the private placement warrants, only $120 in cash were available to us as of December 31, 2024 outside the Trust Account to fund our working
capital requirements. We believe that the current funds available to us outside of the Trust Account will not be sufficient to allow us
to operate for at least the duration of the Combination Period. Of the funds available to us, we could use a portion of the funds available
to us to pay fees to consultants to assist us with our search for a target business. We could also use a portion of the funds as a down
payment or to fund a “no-shop” provision (a provision in letters of intent or merger agreements designed to keep target businesses
from “shopping” around for transactions with other companies or investors on terms more favorable to such target businesses)
with respect to a particular proposed business combination, although we do not have any current intention to do so. If we entered into
a letter of intent or merger agreement where we paid for the right to receive exclusivity from a target business and were subsequently
required to forfeit such funds (whether as a result of our breach or otherwise), we might not have sufficient funds to continue searching
for, or conduct due diligence with respect to, a target business.

As our offering expenses and other operating expenses
exceeded our estimate