Company: APXIF
Filing Date: 2025-06-11
Form Type: 10-Q
Source: 0001213900-25-053185
Chunk: 165

Company: APx Acquisition Corp. I
Filing Date: 2025-06-11
Form: 10-Q
Item: Part I, Item 2
Chunk 165
---
 the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. The Company will bear the
expenses incurred in connection with the filing of any such registration statements.

Underwriting Agreement

The underwriters were
paid a cash underwriting discount of $3,450,000, or $0.20 per unit of the gross proceeds of the initial 17,250,000 Units (inclusive of
2,250,000 Unit over-allotment option) sold in the IPO, in the aggregate. In addition, the underwriters are entitled to a deferred fee
of (i) $0.35 per unit of the gross proceeds of the initial 15,000,000 Units sold in the IPO, or $5,250,000, and (ii) $0.35 per unit of
the gross proceeds from the 2,250,000 Units sold pursuant to the over-allotment option, or $787,500, aggregating to a deferred fee of
$6,037,500. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely in the event that
we complete an initial business combination, subject to the terms of the underwriting agreement.

Effective as of September 28,
2022, the underwriters from the Initial Public Offering resigned and withdrew from their role in the Business Combination and thereby
waived their right to the deferred underwriting commissions in the amount of $6,037,500, which the Company has recorded as a gain on settlement
of underwriter fees on the statement of shareholders’ equity for the year ended December 31, 2022 for $5,788,453, which represents
the original amount recorded to accumulated deficit, and the remaining balance representing the original amount recorded to the statement
of operations of $249,047 was recorded for the year ended December 31, 2022. No deferred underwriting commissions remain outstanding
as of March 31, 2025 and December 31, 2024.

Critical Accounting Policies and Estimates

This management’s
discussion and analysis of our financial condition and results of operations is based on our financial statements, which have been prepared
in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

The preparation of our
financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and
expenses and the disclosure of contingent assets and liabilities in our financial statements. On