Company: APXIF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026189
Chunk: 425

Company: APx Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 425
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 England and Wales (“MultiplAI” and, together with OmnigenicsAI, the “Target Companies”), entered into
a Business Combination Agreement (the “Business Combination Agreement”; capitalized terms used but not defined herein shall
have the respective meanings set forth in the Business Combination Agreement, a copy of which is included as an exhibit to this Annual
Report). The transactions contemplated by the Business Combination Agreement are referred to herein as the “Proposed Business Combination”.

On August 27, 2024, Heritas Ltd. (the “Parent”),
MultiplAI and the MultiplAI Shareholders (as defined below) (with the Company’s consent) terminated the MultiplAI SPA. As a result
of such termination, OmnigenicsAI will not acquire MultiplAI, their business will not be combined pursuant to the Business Combination
Agreement, and all rights and obligations of MultiplAI under the Business Combination Agreement ceased and terminated, subject to certain
exceptions.

Except as set forth above, no other terms of the
Business Combination have been modified, and OmnigenicsAI and the Company intend to complete the combination of our businesses (without
the acquisition of MultiplAI) as set forth in the Business Combination Agreement.The Proposed Business Combination 

On the Closing Date, prior to the Merger Effective
Time, pursuant to the Business Combination Agreement, OmnigenicsAI shall cause the consummation of the Restructuring, pursuant to which
all Indebtedness (subject to certain exceptions) owed by OmnigenicsAI or any Subsidiary of OmnigenicsAI to Parent or any shareholder of
Parent, shall be cancelled and extinguished. The Indebtedness described in this paragraph that is not required to be canceled and extinguished
at Closing shall have their maturity date extended to three years following the Closing Date.

On the Closing Date at the Merger Effective Time,
pursuant to the Business Combination Agreement, Merger Sub will merge with and into the Company (with the Company being the surviving
company and becoming a direct wholly-owned subsidiary of OmnigenicsAI) (the “Merger”) and, as a result of the Merger, (a)
each ordinary share of the Company (“SPAC Ordinary Share”) outstanding will be exchanged for the right to receive one ordinary
share of OmnigenicsAI, nominal value $0.0001 per share (“Company Share”), (b) all warrants to purchase SPAC Ordinary Shares
(“SPAC Warrants”) will become