Company: APXIF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026189
Chunk: 424

Company: APx Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 424
---
 the time to complete the initial business combination from December 9, 2024 to December 9, 2025 (i.e., for up to a period ending
48 months after the consummation of the IPO) (the “Fifth Extension”). No further Extension Payments are required in connection
with the Fifth Extension.

Class B Conversion 

On October 2, 2023, in accordance with the provisions
of our Articles, each of the APx Sponsor and the Templar Sponsor exercised its rights to convert an aggregate of 4,312,500 Class B ordinary
shares into an equal number of Class A ordinary shares, on a one-for-one basis (the “Class B Conversion”). As a result of
the Class B Conversion, no Class B ordinary shares remain outstanding.

4

Amended and Restated Working Capital Promissory Note 

On February 9, 2024, the Company and Templar Sponsor
amended and restated the Working Capital Promissory Note (the “Amended and Restated Note”), to increase the maximum principal
amount from $500,000 to $2,000,000 and to provide that, in addition to funding working capital needs, amounts under the Amended and Restated
Note may be used the purposes of making one or more payments to Continental Stock Transfer & Trust Company, a New York limited liability
trust company, as Extension Payments (as defined in the Company’s definitive proxy statement filed with the Securities and Exchange
Commission on November 29, 2023, as amended). Other than as set forth above, the terms of the Amended and Restated Note are identical
to those of the Working Capital Promissory Note. The issuance of the Amended and Restated Note was made pursuant to the exemption from
registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended. As of December 31, 2024 and December 31, 2023, a
principal balance of $1,731,460 and $520,600 was outstanding, respectively.

The Proposed Business Combination 

On March 25, 2024, the Company, OmnigenicsAI Corp,
a Cayman Islands exempted company (“OmnigenicsAI”), Heritas Merger Sub Limited, a Cayman Islands exempted company and a direct
wholly-owned subsidiary of OmnigenicsAI (“Merger Sub”) and MultiplAI Health Ltd, a private limited company formed under the
laws of