Company: APXIF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026189
Chunk: 465

Company: APx Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 465
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 of shares to be outstanding prior to the initial business combination.

24

We issued and may issue additional notes or other debt securities,
or otherwise incur substantial debt, to complete a business combination, which may adversely affect our leverage and financial condition
and thus negatively impact the value of our shareholders’ investment in us. 

In February 2023 and May 2023, we issued the
First Promissory Note and the Second Promissory Note, respectively. In addition, in September 2023, we issued the Working Capital Promissory
Note, which was amended and restated in February 2024. In August 2024 we issued the First Bioceres Note, and in November 2024 we issued
the Second Bioceres Note. We may choose to issue additional notes or other debt securities and incur substantial debt to complete our
initial business combination. We and our officers have agreed that we will not incur any indebtedness unless we have obtained from the
lender a waiver of any right, title, interest or claim of any kind in or to the monies held in the Trust Account. As such, no issuance
of debt will affect the per-share amount available for redemption from the Trust Account. Nevertheless, the incurrence of debt could
have a variety of negative effects, including:

●default
                                            and foreclosure on our assets if our operating revenues after an initial business combination
                                            are insufficient to repay our debt obligations;

●acceleration
                                            of our obligations to repay the indebtedness even if we make all principal and interest payments
                                            when due if we breach certain covenants that require the maintenance of certain financial
                                            ratios or reserves without a waiver or renegotiation of that covenant;

●our
                                            immediate payment of all principal and accrued interest, if any, if the debt security is
                                            payable on demand;

●our
                                            inability to obtain necessary additional financing if the debt security contains covenants
                                            restricting our ability to obtain such financing while the debt security is outstanding;

●our
                                            inability to pay dividends on our Class A ordinary shares;

●using
                                            a substantial portion of our cash flow to pay principal and interest on our debt, which will
                                            reduce the funds available for dividends on our Class A ordinary shares if declared, expenses,
                                            capital expenditures, acquisitions and other general corporate purposes;

●limitations
                                            on our flexibility in planning for and reacting to changes in our business and in the industry
                                            in which we operate;

●increased
                                            vulnerability