Company: APXIF
Filing Date: 2025-06-13
Form Type: F-4/A
Source: 0001213900-25-054324
Chunk: 20

Company: APx Acquisition Corp. I
Filing Date: 2025-06-13
Form: F-4/A
Chunk 20
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 any reason were permitted to do so pursuant to the terms of the Existing Governing Documents, and those who elected not to redeem continued to hold their Public Shares. The APx Board believes that, given the executed Business Combination Agreement and the advanced stage of the Business Combination, permitting those shareholders who elected not to redeem to remain invested in APx was in the best interest of APx. Under Cayman Islands law, a registered shareholder may bring a shareholder derivative action for and on behalf a Cayman company against its board of directors for a breach of duty resulting from a failure to comply with such company’s governing documents. As the Public Shares are registered in the name of a custodian, the Public Shareholders themselves would not have standing to commence a derivative action for and on its behalf against the directors for such breach of duty. On December 4, 2024, APx held an extraordinary general meeting (the “December 2024 EGM”) and its shareholders approved an amendment to its Articles and to the Trust Agreement to extend the Termination Date to December 9, 2025. In connection with the December 2024 EGM, the holders of 5,077,568 Public Shares properly exercised their right to redeem their Public Shares (and did not withdraw their redemption) for an aggregate redemption amount of $60,856,059.42. Following such redemptions, $6,233,015.29 remained in the Trust Account and 520,056 Public Shares remained issued and outstanding. Such remaining amount in the Trust Account will be distributed either to (i) all holders of Public Shares upon our liquidation or (ii) holders of Public Shares who elect to have their Public Shares redeemed in connection with the consummation of our initial business combination. As of the date hereof, approximately $1,875,000 (plus accrued interest paid on untimely deposits into the Trust Account) of indebtedness under the Amended and Restated Note and the BC Promissory Notes (each as defined below) incurred in connection with Extension Payments remains outstanding. On December10, 2024, APx received a letter from the Listing Qualifications Department of Nasdaq stating that, pursuant to Nasdaq Listing Rule IM -5101-2, Nasdaq’s staff had determined that (i) APx’s securities will be delisted from Nasdaq, (ii) trading of SPAC Class A Ordinary Shares, Public Warrants, and SPAC Units would be suspended at the opening of business on December17,