Company: APXIF
Filing Date: 2025-01-22
Form Type: F-4
Source: 0001213900-25-005463
Chunk: 272

Company: APx Acquisition Corp. I
Filing Date: 2025-01-22
Form: F-4
Chunk 272
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 companies and the financial needs required to execute on both. OmnigenicsAI, focused on the Latin American market, and MultiplAI, being pre -revenueand primarily focused on the U.S. market, faced alignment challenges. This mismatch in strategic focus led to a recalibration of the combined entity’s projected capital expenditures, as integration would require establishing a larger footprint in the United States, significantly increasing operating costs and limiting our ability to benefit from the cost efficiencies available in Latin America. Additionally, the U.S. regulatory landscape presents unique challenges, with both federal and state -levelregulations, which would demand substantial capital and resources to achieve compliance, surpassing initial projections and presenting a substantial financial risk for the Combined Company. For example, on May 6, 2024, the FDA issued a final rule on Laboratory Developed Tests (LDTs), that impacted the regulatory landscape for these tests in the US for the coming years. As MultiplAI’s test is classified as an LDT, this new regulatory environment introduced different compliance challenges, operational risks, and additional resources than were originally envisioned, requiring additional financial obligations to address. As such, the combined entity’s projected capital and operational expenditures ultimately surpassed initial expectations, presenting substantial financial risk. Due to these circumstances, both companies decided it would be mutually beneficial to terminate the MultiplAI Share Purchase Agreement. On August 11, 2024, MultiplAI, the Company, and Parent entered into a binding term sheet for a reseller license agreement (the “Reseller License Agreement”), pursuant to which MultiplAI granted OmnigenicsAI an exclusive license to market certain products in Latin America through December 31, 2030. This license applies to MultiplAI’s proprietary blood -based, laboratory -developedtest for detecting markers associated with conditions like calcified atherosclerotic plaque, coronary artery disease (“CAD”), and steatotic liver disease (the “MultiplAI Products”). Concurrently with the Restructuring, Parent has agreed to contribute to OmnigenicsAI certain receivables owed by MultiplAI to Parent pursuant to certain loan agreements. This binding term sheet was entered into in the context of negotiations relating to the termination of the MultiplAI Share Purchase Agreement. See “ Certain Agreements Related to the Business Combination — Reseller License Agreement” and “ Unaudited Pro Forma Combined Consolidated Financial Information — Adjustments to Unaudited Pro Forma Combined Consolidated Statement of Financial Position as of June 30, 2024.”