Company: APXIF
Filing Date: 2025-06-11
Form Type: 10-Q
Source: 0001213900-25-053185
Chunk: 153

Company: APx Acquisition Corp. I
Filing Date: 2025-06-11
Form: 10-Q
Item: Part I, Item 2
Chunk 153
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 as determined by the Company.

Concurrently with the
closing of the IPO, our Sponsor purchased an aggregate of 8,950,000 private placement warrants (the “Private Placement Warrants”)
at a price of $1.00 per private placement warrants. Each warrant is exercisable to purchase one Class A ordinary share at $11.50
per share. The proceeds from the Private Placement Warrants were added to the proceeds from the IPO held in the Trust Account (as defined
below).

We paid an underwriting
discount at the closing of the IPO of $3.45 million. An additional fee of $6.04 million was deferred and would become payable
upon our completion of an initial business combination. The deferred portion of the discount would become payable to the underwriters
from the amounts held in the Trust Account solely in the event we complete our initial business combination subject to the terms of the
underwriting agreement. However, on September 28, 2022, the underwriters waived their right to receive the deferred fee, resulting
in a gain from settlement of deferred underwriting commissions of approximately $6.04 million.

The Proposed Business Combination

On March 25, 2024,
the Company, OmnigenicsAI Corp, a Cayman Islands exempted company (“OmnigenicsAI”), 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