Company: APXIF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026189
Chunk: 1972

Company: APx Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 10
Chunk 1972
---
-2”), the staff of Nasdaq (“Staff”) had determined that
(i) the Company’s securities will be delisted from Nasdaq, (ii) trading of the Company’s Class A common stock, warrants,
and units will be suspended at the opening of business on December 17, 2024 and (iii) a Form 25-NSE will be filed with the Securities
and Exchange Commission (the “SEC”), which will remove the Company’s securities from listing and registration on Nasdaq.
Under Rule IM-5101-2, a special purpose acquisition company must complete one or more business combinations within 36 months of the effectiveness
of its initial public offering registration statement. Since the Company failed to complete its initial business combination by December
6, 2024, the Staff concluded that the Company did not comply with Rule IM-5101-2 and that the Company’s securities are now subject
to delisting.

As a result, trading in our securities on Nasdaq
was effectively suspended with the open of the market on December 17, 2024, and our securities are currently eligible to trade only
on the over-the-counter markets system.

On March 21, 2025, Nasdaq filed a Form 25-NSE
in respect of our Class A ordinary shares with the SEC, and the delisting of our Class A ordinary shares will become effective on March
31, 2025.

In order to complete the delisting process with
respect to our units and warrants, we expect that Nasdaq will file a Form 25-NSE in respect of such securities with the SEC, and the delisting
will become effective ten days after such Form 25-NSE is filed. Although we expect that we will be notified by Nasdaq prior to the filing
of such Form 25-NSE, as well as prior to the release of a press release by Nasdaq announcing the delisting event, we are not at this time
able to determine when such Form 25-NSE will be filed or when the delisting of our units and warrants from Nasdaq will be complete. However,
the filing of the Form 25-NSE by Nasdaq and the subsequent delisting of our units and warrants may occur at any time without prior notice.

Despite the delisting of our securities from Nasdaq,
we intend to proceed with our efforts to consummate our initial Business Combination. However, Nasdaq approval of OmnigenicsAI’s
initial listing application with respect to the Business Combination is