Company: APXIF
Filing Date: 2025-07-03
Form Type: F-4/A
Source: 0001213900-25-061545
Chunk: 91

Company: APx Acquisition Corp. I
Filing Date: 2025-07-03
Form: F-4/A
Chunk 91
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icsAI’s designees are expected to comprise a majority of the governing body of the Combined Company, and OmngenicsAI’s senior management will comprise the senior management of the Combined Company. APx does not meet the definition of a “business” pursuant to IFRS3, Business Combinations, and thus, for accounting purposes, OmnigenicsAI will account for the Business Combination as a capital reorganization. The net assets of APx will be stated at historical cost, with no goodwill or other intangible assets recorded. The Business Combination will be accounted for within the scope of IFRS 2 — Share -basedPayments (“IFRS 2”). As a result, any excess of fair value of the Company Shares issued over the fair value of APx’s identifiable net assets acquired, represent compensation for the service in respect of a stock exchange listing for the Company Shares and is expensed upon consummation. For a discussion summarizing the anticipated accounting treatment of the Business Combination, please see “ Anticipated Accounting Treatment of the Business Combination.” APx Board of Directors’ Reasons for the Approval of the Business Combination The APx Board unanimously approved the Business Combination after consulting with APx’s management and advisors and conducting a comprehensive review of due diligence findings. The APx Board evaluated various factors, including the Company’s competitive position in the healthcare space, combining advanced genomics, microbiome analysis, and artificial intelligence capabilities, as well as its hybrid business -to-business(B2B) and business -to-business-to-consumer(B2B2C) distribution strategies. The Company’s intellectual property portfolio and valuation, considered attractive relative to global public and private comparable companies in the genomics, diagnostics, and healthcare technology sectors, further supported the APx Board’s determination. 11 The APx Board reviewed financial metrics, including revenue and EBITDA comparisons, but due to the emerging nature of the industries in which the Company operates, placed greater emphasis on qualitative factors like the total addressable market, scalability, and operational efficiencies. The APx Board also relied on results from due diligence that assessed the Company’s material contracts, corporate governance, regulatory compliance, financial history, and market opportunities, including potential expansion within Latin America. While acknowledging risks such as the lack of a third -partyfairness opinion and challenges in transitioning to a public company, the Board determined, based on its collective experience and judgment, that the potential strategic and financial benefits to APx and its shareholders outweighed these risks, leading to its unanimous approval of the Business Combination