Company: APXIF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026189
Chunk: 1898

Company: APx Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 9C
Chunk 1898
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 FASB ASC Topic 260, “Earnings Per Share”. Net income per share is
computed by dividing net income by the weighted-average number of ordinary shares outstanding during the periods. The Company has not
considered the effect of the warrants sold in the Initial Public Offering and the Private Placement to purchase an aggregate of 17,575,000
of the Company’s Class A ordinary shares in the calculation of diluted income per share.

The Company
has two classes of shares, which are referred to as Class A ordinary shares and Class B ordinary shares. Income and losses are shared
pro rata between the two classes of shares. The Company applies the two-class method in calculating earnings per share. The contractual
formula utilized to calculate the redemption amount approximates fair value. The Class feature to redeem at fair value means that there
is effectively only one class of stock. Changes in fair value are not considered a dividend for the purposes of the numerator in the earnings
per share calculation. Net income per ordinary share is computed by dividing the pro rata net income between the redeemable shares and
the non-redeemable shares by the weighted average number of ordinary shares outstanding for each of the periods. The calculation of diluted
income per ordinary stock does not consider the effect of the warrants issued in connection with the IPO since the exercise of the warrants
are contingent upon the occurrence of future events and the inclusion of such warrants would be anti-dilutive. 

On October
2, 2023, in accordance with the provision of the Articles, each of the APx Sponsor and the Templar Sponsor exercised its rights to convert
an aggregate of 4,312,500 Class B ordinary shares into an equal number of Class A ordinary shares, on a one-for-one basis (the “Class
B Conversion”). As a result of the Class B Conversion, no Class B ordinary shares remain outstanding as of December 31, 2023 and
December 31, 2024. 

The following
table reflects the calculation of basic and diluted net income per ordinary share (in dollars, except share amounts) for the years ended
December 31, 2024 and 2023: 

    For the Year Ended December 31, 2024  
    For the Year Ended December 31, 2023 

    Class A Ordinary Shares, Redeemable  
    Class A and Class B Ordinary Shares, Non-Redeemable  
    Class A Ordinary Shares, Redeemable