Company: APXIF
Filing Date: 2025-06-11
Form Type: 10-Q
Source: 0001213900-25-053185
Chunk: 17

Company: APx Acquisition Corp. I
Filing Date: 2025-06-11
Form: 10-Q
Item: Part I, Item 1
Chunk 17
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 claims under the Company’s indemnity of the
underwriters of Initial Public Offering against certain liabilities, including liabilities under the Securities Act of 1933, as amended
(the “Securities Act”). However, the Company has not asked the Sponsor to reserve for such indemnification obligations, nor
has the Company independently verified whether the Sponsor has sufficient funds to satisfy its indemnity obligations and believe that
the Sponsor’s only assets are securities of the Company. Therefore, the Company cannot assure its shareholders that the Sponsor
would be able to satisfy those obligations. None of the Company’s officers or directors will indemnify the Company for claims by
third parties including, without limitation, claims by vendors and prospective target businesses. The Company will seek to reduce the
possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service
providers, prospective target businesses or other entities with which the Company does business, execute agreements with the Company waiving
any right, title, interest or claim of any kind in or to monies held in the Trust Account.

Liquidity and Capital Resources

As
of March 31, 2025 and December 31, 2024, the Company had $72 and $120 in cash and a working capital deficit of $5,168,585 and $4,765,415,
respectively, excluding accrued interest receivable as it is not available for working capital purposes.

The
Company’s liquidity needs up to March 31, 2025, had been satisfied through a payment from the Sponsor of $25,000 (Note 5) for the
Founder Shares and the remaining net proceeds from our Initial Public Offering, the Private Placement Warrants and the Promissory Notes
(as defined below), to cover certain offering expenses. In addition, in order to finance transaction costs in connection with a Business
Combination, the Company’s Sponsor or an affiliate of the Sponsor or certain of the Company’s officers and directors may,
but are not obligated to, provide the Company Working Capital Loans, as defined below (Note 6).

On
February 28, 2023, the Company issued an unsecured promissory note (the “First Promissory Note”) in the amount of $875,000.
The proceeds of the First Promissory Note were drawn in a single instance and will be used to economically facilitate the Company’s
ability to effect the extension of the termination date. The First Promissory Note is