Company: APXIF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026189
Chunk: 1146

Company: APx Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 5
Chunk 1146
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 plus all shares of Class A ordinary shares and equity linked securities issued or deemed issued in connection with a Business
Combination (excluding any shares or equity linked securities issued, or to be issued, to any seller in a Business Combination, and any
private placement-equivalent warrants issued to the Sponsor or its affiliates upon conversion of loans made to the Company). Holders of
Founder Shares may also elect to convert their shares of Class B ordinary shares into an equal number of shares of Class A ordinary shares,
subject to adjustment as provided above, at any time. 

On October
2, 2023, the Company entered into a Share Exchange Agreement with the Purchaser and the Sponsor (the “Share Exchange Agreement”),
pursuant to which each of the Purchaser and the Sponsor exchanged (the “Share Exchange”) all Class B ordinary shares then
held (totaling an aggregate of 4,312,500 shares) into Class A ordinary shares. The Company issued 4,312,500 Class A ordinary shares (the
“Exchange Shares”) in connection with the Share Exchange. As a result of the Class B Conversion, no Class B ordinary shares
remain outstanding as of December 31, 2024 and 2023. 

The offer
and sale of the Exchange Shares has not been registered under the Securities Act or any state securities laws and the Exchange Shares
not be offered or sold in the United States absent registration under the Securities Act or an applicable exemption from registration
requirements. Nothing contained in this Annual Report on Form 10-K constitutes an offer to sell, or the solicitation of an offer to buy,
any securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would
be unlawful. 

In the Share
Exchange Agreement, each of the Purchaser and the Sponsor represented to the Company that it is an “accredited investor”,
as defined in Rule 501 promulgated under the Securities Act, and the Company’s offer and sale of the Exchange Shares have been made
in reliance upon the exemption from the registration requirements of the Securities Act. 

The Company
may issue additional ordinary shares or preferred share to complete its Business Combination or under an employee incentive plan after
completion of its Business Combination. 

NOTE 10. CLASS A ORDINARY
SHARES SUBJECT TO POSSIBLE REDEMPTION 

The
Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in Accounting
Standards Codification (“ASC