Company: APXIF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026189
Chunk: 1812

Company: APx Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 9B
Chunk 1812
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 January 1, 2024.  The adoption resulted in disclosure changes
only.

In December
2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09). ASU 2023-09 is
intended to enhance the decision usefulness of income tax disclosures and requires the disclosure of various disaggregated information,
including an entity’s effective tax rate reconciliation as well as additional information on taxes paid. This ASU is effective on
a prospective basis for annual periods beginning after December 15, 2024, with early adoption allowed. The Company is currently assessing
the impact, if any, ASU 2023-09 would have on its disclosures. 

Management
does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material
effect on the Company’s financial statements. 

F-17

Class A Ordinary Shares Subject
to Possible Redemption 

The Company
accounts for its ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing
Liabilities from Equity.” Ordinary shares subject to mandatory redemption (if any) is classified as a liability instrument and is
measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either
within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s
control) is classified as temporary equity. At all other times, ordinary shares are classified as shareholder’s equity. The Company’s
ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to the
occurrence of uncertain future events. Accordingly, ordinary shares subject to possible redemption are presented at redemption value as
temporary equity, outside of the shareholder’s equity section of the Company’s balance sheet. 

NOTE 3. INITIAL PUBLIC OFFERING

On December
9, 2021, the Company sold 17,250,000 Units at $10.00 per Unit, generating gross proceeds of $172.5 million, and incurring offering costs
of $10,321,097, consisting of $3,450,000 of underwriting fees, $6,037,500 of deferred underwriting fees and $833,897 of other offering
costs. 

Each Unit
consists of one share of the Company’s Class A ordinary