Company: APXIF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026189
Chunk: 747

Company: APx Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 2
Chunk 747
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 of our internal
control over financial reporting at December 31, 2024. In making these assessments, management used the criteria set forth by the Committee
of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control-Integrated Framework (2013). Based on our assessments
and those criteria, management determined that our internal control over financial reporting was not effective, due to the material weakness
described elsewhere in this Annual Report.

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Notwithstanding these material weaknesses, management
has concluded that our audited financial statements included in this Annual Report are fairly stated in all material respects in accordance
with GAAP for each of the periods presented therein.

This Report does not include an attestation report
of internal controls from our independent registered public accounting firm due to our status as an emerging growth company under the
JOBS Act.

Remediation Plan 

The Chief Executive Officer and Chief Financial
Officer performed additional post-closing review procedures including reviewing historical filings and consulting with subject matter
experts related to the accounting for warrant liabilities. The Company’s management has expended, and will continue to expend,
a substantial amount of effort and resources for the remediation and improvement of our internal control over financial reporting. While
we have processes to properly identify and evaluate the appropriate accounting technical pronouncements and other literature for all
significant or unusual transactions, we have improved, and will continue to improve, these processes to ensure that the nuances of such
transactions are effectively evaluated in the context of the increasingly complex accounting standards.

The elements of our remediation plan can only
be accomplished over time, and we can offer no assurance that these initiatives will ultimately have the intended effects.

Changes in Internal Control Over Financial Reporting 

Other than the matters discussed above, there
was no change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that
occurred during the fiscal quarter ended December 31, 2024 covered by this Annual Report that has materially affected, or is reasonably
likely to materially affect, our internal control over financial reporting.

ITEM 9B. OTHER INFORMATION. 

None.

ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT
PREVENT INSPECTIONS. 

None.

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PART III 

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.

Directors and Executive Officers 

Our officers and