Company: APXIF
Filing Date: 2025-07-03
Form Type: F-4/A
Source: 0001213900-25-061545
Chunk: 287

Company: APx Acquisition Corp. I
Filing Date: 2025-07-03
Form: F-4/A
Chunk 287
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 median equity value of approximately $1.749billion, reflecting a median equity -to-EBITDAratio of approximately 3.25x. By comparison, the Company reported EBITDA of approximately $(1.426) million for the same period, substantially lower than any of the peers. The APx Board recognized that companies with lower cash burn may not be directly comparable on a multiple basis, as valuation ratios tend to behave differently at lower levels of spend. Nonetheless, the APx Board viewed the significantly lower burn rate of the Company, in combination with its differentiated technology and commercial potential, as a key factor supporting the reasonableness of the proposed $300million valuation. While the APx Board did not assign specific weight to any one metric or perform a direct valuation analysis using peer financials, it considered the relative positioning of the Company against the broader peer group in evaluating the proposed valuation. The fact that several peer companies with substantially higher cash burn maintained valuations significantly above $300million supported the APx Board’s view that the valuation proposed by the Company was reasonable when viewed in context. Accordingly, the peer group review was used as a directional reference to support the APx Board’s qualitative judgment.

131 •an estimation of the Company’s total addressable market. In estimating its total addressable market, the Company considered the populations of 100 major cities across Latin America, each with more than 500,000 residents and demonstrable adoption of digital services (e.g., ride -hailingplatforms), as a proxy for consumer openness to technology -enabledsolutions. The analysis was further refined by focusing on individuals within the “ABC” socioeconomic segment, a classification commonly used in Latin America to denote middle- and upper -incomehouseholds with higher levels of education, purchasing power, and access to private goods and services. The percentage of the population falling within the ABC segment was determined on a country -by-countrybasis using available GDP and income distribution data. The Company then excluded individuals under the age of 18 and applied an additional adjustment based on the percentage of the adult population that incurs out -of-pockethealthcare expenditures. These assumptions, based on publicly available demographic and market data, were intended to provide a reasonable and supportable basis for estimating the Company’s serviceable market opportunity. The Company’s total addressable market was estimated to exceed 90million consumers. While this metric did not serve as the basis for a formal valuation model, it was a key contextual factor considered in evaluating the Company’s long -termgrowth potential