Company: APXIF
Filing Date: 2025-06-11
Form Type: 10-Q
Source: 0001213900-25-053185
Chunk: 91

Company: APx Acquisition Corp. I
Filing Date: 2025-06-11
Form: 10-Q
Item: Part I, Item 8
Chunk 91
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 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 payable in full on the earlier of (a) the Company’s
consummation of a Business Combination or (b) December 31, 2023.

On
May 26, 2023, the Company issued a second unsecured promissory note (the “Second Promissory Note”) and, together with the
First Promissory Note, the “Promissory Notes”) in the amount of $750,000. The proceeds of the Second 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 Second Promissory Note is payable in full on the earlier of (a) the Company’s consummation of a Business Combination or
(b) December 31, 2023.

On
August 18, 2023, the Company paid in full the outstanding balance of $1,625,000 drawn on the First Promissory and Second Promissory Notes,
in connection the Company incurred a gain on settlement of debt of $117,373. The Note payable is considered paid in full, and the Company
no longer has access to draw funds.

 12

On September 8, 2023,
in connection with the Sponsor Alliance, the Company issued an unsecured promissory note (the “Working Capital Promissory Note”)
in the amount of up to $500,000, which amount was later amended to up to $2,000,000. The note is non-interest bearing and is convertible
at the option of the holder into one or more private placement warrants. The proceeds of the Promissory Note will be used to finance operating
costs in connection