Company: APXIF
Filing Date: 2025-06-11
Form Type: 10-Q
Source: 0001213900-25-053185
Chunk: 47

Company: APx Acquisition Corp. I
Filing Date: 2025-06-11
Form: 10-Q
Item: Part I, Item 1
Chunk 47
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igenicsAI”), Heritas Merger Sub Limited, a Cayman Islands
exempted company and a direct wholly-owned subsidiary of OmnigenicsAI (“Merger Sub”) and MultiplAI Health Ltd, a private limited
company formed under the laws of 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 Quarterly Report). The transactions contemplated by the Business Combination Agreement are referred to herein as the “Proposed
Business Combination”.

On August 27, 2024,
Parent, MultiplAI and the MultiplAI Shareholders (as defined below) (with the consent of the Company) terminated the MultiplAI SPA (as
defined below). As a result of such termination, MultiplAI will not be acquired by OmnigenicsAI, its business will not be combined pursuant
to the Business Combination Agreement, and all rights and obligations of MultiplAI under the Business Combination Agreement shall cease
and terminate, subject to certain exceptions. Except as set forth above, no other terms of the Business Combination have been modified,
and the Company and OmnigenicsAI intend to complete the combination of their businesses (without the acquisition of MultiplAI) as set
forth in the Business Combination Agreement.

 32

The Closing

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 (“