Company: APXIF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026189
Chunk: 628

Company: APx Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1C
Chunk 628
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 legal counsel and consultants, and insurance expenses.

Factors That May Adversely Affect our Results of Operations

Our results of operations and our ability to
complete an initial Business Combination may be adversely affected by various factors that could cause economic uncertainty and volatility
in the financial markets, many of which are beyond our control. Our business could be impacted by, among other things, downturns in the
financial markets or in economic conditions, increases in oil prices, inflation, increases in interest rates, supply chain disruptions,
declines in consumer confidence and spending, public health considerations and geopolitical instability, such as the military conflicts
in Ukraine and the Middle East. We cannot at this time predict the likelihood of one or more of the above events, their duration or magnitude
or the extent to which they may negatively impact our business and our ability to complete an initial business combination.

Liquidity and Capital Resources and Going Concern 

As of December 31, 2024, the Company had approximately
$120 in its operating bank account and a working capital deficit of $4,765,415, excluding accrued interest receivable as it is not available
for working capital purposes.

The Company’s liquidity needs up to December
31, 2024 had been satisfied through a payment from APx Sponsor of $25,000 for the founder shares to cover certain offering expenses.
In addition, in order to finance transaction costs in connection with an initial business combination, the Company issued the Amended
and Restated Note to Templar Sponsor in February 2024 i.e. an unsecured promissory note (the “Working Capital Promissory Note”)
in the amount of up to $2,000,000, as defined in Note 6. As of December 31, 2024, there was $1,731,460 outstanding under the Amended
and Restated Note. Due to the conversion feature of the note capped at $1,500,000, the principal balance of $1,500,000 is presented as
Convertible note payable, with the remaining non-convertible portion of the note balance shown under Notes Payable.

Based on the foregoing, management believes that
the Company will not have sufficient working capital and borrowing capacity to meet its needs through the earlier of the consummation
of a Business Combination or one year from this filing. As such, the Company may need to obtain alternative liquidity and capital resources
to meet its needs, which may not be available to the Company. Over this time period,