Company: APXIF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026189
Chunk: 1137

Company: APx Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 5
Chunk 1137
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and determined that this agreement did not meet the definition of a lease. In connection with the Sponsor Alliance Transaction, the Company
and APx Sponsor Group I terminated the administrative services agreement as of the end of September 2023, and the Company ceased paying
these monthly fees. 

NOTE 6. PROMISSORY NOTE PAYABLE

On February
28, 2023, the Company issued an unsecured promissory note (the “First Promissory Note”) in an amount of $875,000 in order
to economically facilitate their ability to effect the extension of the termination date. An amount of $125,000 was used in order to economically
facilitate the extension payment to extend the period from September 9, 2023 to October 9, 2023. The First Promissory Note is payable
in full on the earlier of (a) consummation of an initial business combination or (b) December 31, 2023 (the “First Due Date”).
On the First Due Date, the Company shall pay to the payee under the First Promissory Note (the “Payee”) the outstanding principal
amount of the First Promissory Note in immediately available funds and deliver to the Payee, as interest-in-kind, 875,000 of newly issued
warrants. The terms of the warrants are identical to the Private Placement Warrants the Company issued in connection with the Initial
Public Offering. The Payee shall be entitled to certain registration rights with respect to the warrants and the shares issuable upon
exercise of the warrants. 

On May 26,
2023, the Company issued a second unsecured promissory note (the “Second Promissory Note” and, together with the First Promissory
Note, the “Promissory Notes”) in an amount of $750,000 in order to economically facilitate the ability to effect the extension
of the termination date, from June 9, 2023 to September 9, 2023 (the “Second Extension”). The Second Promissory Note is payable
in full on the earlier of (a) consummation of an initial business combination or (b) December 31, 2023 (the “Second Due Date”).
On the Second Due Date, the Company shall pay to the Payee under the Second Promissory Note the outstanding principal amount of the Second
Promissory Note in immediately available funds and deliver to the Payee, as interest-in