Company: APXIF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026189
Chunk: 593

Company: APx Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 593
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 Section 4(a)(2) of the Securities Act of 1933, as amended. As of December 31, 2024,
a principal balance of $1,731,460 was outstanding and the fair value of the conversion feature was immaterial. However, because the conversion
feature of the note is capped at $1,500,000, this amount of the principal balance as of December 31, 2024 is presented as Convertible
note payable, with the remaining non-convertible portion of $231,460 presented as Notes payable.

On August 26,
2024, the Company issued an unsecured promissory note (the “Bioceres Note”) in the principal amount of $446,000 to Bioceres
LLC (“Bioceres”), an indirect shareholder of OmnigenicsAI Corp, the counterparty to the Company’s previously announced
business combination. The Bioceres Note bears interest at 20% per annum. The Company shall repay all interest accrued and the principal
balance on the date on which the Company consummates its initial business combination. The Bioceres Note is subject to customary events
of default, the occurrence of certain of which automatically triggers the unpaid principal balance of the Bioceres Note as well as all
accrued interest and all other sums payable with regard to the Note becoming immediately due and payable. As of December 31, 2024, the
principal balance outstanding is $446,000 and is presented as Notes payable.

On November 7, 2024, the Company issued the unsecured
Second Bioceres Note in the principal amount of $700,000 to Bioceres. The Second Bioceres Note bears
interest at 20% per annum. The Company shall repay all interested accrued and the principal balance on the date on which the Company
consummates its initial business combination. The note is subject to customary events of default, the occurrence of certain of which automatically
triggers the unpaid principal balance of the note as well as all accrued interest and all other sums payable with regard to the note becoming
immediately due and payable. As of December 31, 2024, the principal balance outstanding is $468,615 and is presented as Notes payable.

NOTE 7. COMMITMENTS AND CONTINGENCIES

Registration Rights 

The holders of the Founder Shares,
Private Placement Warrants and any warrants that may be issued upon conversion of the Working Capital Loans (and in each case holders