Company: APXIF
Filing Date: 2025-01-22
Form Type: F-4
Source: 0001213900-25-005463
Chunk: 141

Company: APx Acquisition Corp. I
Filing Date: 2025-01-22
Form: F-4
Chunk 141
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 the Sarbanes -OxleyAct are significantly more stringent than those required of the Company as a privately -heldcompany. Management may not be able to effectively and timely implement controls and procedures that adequately respond to the increased regulatory compliance and reporting requirements that will be applicable after the Business Combination. We note that we have identified material weaknesses in the past. If we are not able to implement the additional requirements of Section 404(a) in a timely manner or with adequate compliance, we may not be able to assess whether our internal controls over financial reporting are effective, which may subject it to adverse regulatory consequences and could harm investor confidence and the market price of the Company Shares. See“ We have identified material weaknesses in our internal control over financial reporting. If we are unable to remediate these material weaknesses or otherwise fail to maintain an effective system of internal controls, we may not be able to accurately or timely report our financial condition or results of operations, which may adversely affect our business and the price of our ordinary shares.” Following the closing of the Business Combination, we will be a “controlled company” as defined in the Nasdaq rules and, as a result, qualify for exemptions from certain corporate governance requirements. Following the closing of the Business Combination, the Parent will control, directly or indirectly, a majority of the voting power of our outstanding ordinary shares. Under Nasdaq rules, a listed company of which more than 50.0% of the voting power for the appointment of directors is held by any person or group of persons acting together is a “controlled company” and may elect not to comply with certain Nasdaq corporate governance requirements, including the requirement (i) that a majority of the board of directors consist of independent directors, as defined under the Nasdaq rules and (ii) to have a compensation committee and a nominating and governance committee, although we expect to establish a compensation committee and a nominating and governance committee, the majority of which may consist of independent directors. We have decided to be treated as a “controlled company” and, even though three members of our board of directors and a majority of the members of our compensation committee and our nominating and governance committee (that we chose to establish) are expected to consist of independent directors, you may not have the same protections afforded to shareholders of companies that are subject to all of the Nasdaq corporate governance requirements. The Parent owns a significant percentage of our capital shares and are able to exert significant control over matters subject to shareholder approval. Following the closing of the transactions contemplated by the Business Combination