Company: APXIF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026189
Chunk: 1172

Company: APx Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 6
Chunk 1172
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 by this time. If a Business Combination is not consummated by this date, there will be a mandatory
liquidation and subsequent dissolution of the Company. Management has determined that the mandatory liquidation, should a Business Combination
not occur, and potential subsequent dissolution, as well as insufficient cash flows, raises substantial doubt about the Company’s
ability to continue as a going concern. The financial statements do not include any adjustment that might result from the outcome of this
uncertainty.

Risks and Uncertainties 

Management continues to evaluate the impact of
future global pandemics and geopolitical events and has concluded that while it is reasonably possible that such events could have a
negative effect on the Company’s financial position, results of its operations, and/or search for a target company, the specific
impact is not readily determinable as of the date of these financial statements. The financial statements do not include any adjustments
that might result from the outcome of this uncertainty.

Off-Balance Sheet Arrangements 

As of December 31, 2024 and December 31, 2023,
we did not have any off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K and did not have any commitments
or contractual obligations.

Contractual Obligations 

Administrative Services Agreement 

Commencing on the date that our securities are
first listed on Nasdaq through the earlier of consummation of our initial business combination and our liquidation, we were required
to pay APX Sponsor or an affiliate thereof up to $10,000 per month for office space, utilities, secretarial and administrative support
services provided to members of our management team and other expenses and obligations of APX Sponsor. In connection with the Sponsor
Alliance, this agreement has been terminated as of August 30, 2023, and as of December 31, 2024 and December 31, 2023, no fees remain
outstanding thereunder.

Registration Rights 

The holders of the founder shares, Private Placement
Warrants and any warrants that may be issued upon conversion of the Working Capital Warrants will be entitled to registration rights
pursuant to a registration rights agreement to be signed prior to or on the effective date of the Initial Public Offering, requiring
the Company to register such securities for resale (in the case of the founder shares, only after conversion to our Class A ordinary
shares). The holders of the majority of these securities are entitled to make up to three demands, excluding