Company: APXIF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026189
Chunk: 2007

Company: APx Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 10
Chunk 2007
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 and the like. In the
case that additional shares of Class A ordinary shares, or equity linked securities, are issued or deemed issued in excess of the amounts
offered in the Initial Public Offering and related to the closing of a Business Combination, the ratio at which shares of Class B ordinary
shares shall convert into shares of Class A ordinary shares will be adjusted (unless the holders of a majority of the outstanding shares
of Class B ordinary shares agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of
shares of Class A ordinary shares issuable upon conversion of all shares of Class B ordinary shares will equal, in the aggregate, on an
as converted basis, 20% of the sum of the total number of all shares of ordinary shares outstanding upon the completion of the Initial
Public Offering plus all shares of Class A ordinary shares and equity linked securities issued or deemed issued in connection with a Business
Combination (excluding any shares or equity linked securities issued, or to be issued, to any seller in a Business Combination, and any
private placement-equivalent warrants issued to the Sponsor or its affiliates upon conversion of loans made to the Company). Holders of
Founder Shares may also elect to convert their shares of Class B ordinary shares into an equal number of shares of Class A ordinary shares,
subject to adjustment as provided above, at any time. 

On October
2, 2023, the Company entered into a Share Exchange Agreement with the Purchaser and the Sponsor (the “Share Exchange Agreement”),
pursuant to which each of the Purchaser and the Sponsor exchanged (the “Share Exchange”) all Class B ordinary shares then
held (totaling an aggregate of 4,312,500 shares) into Class A ordinary shares. The Company issued 4,312,500 Class A ordinary shares (the
“Exchange Shares”) in connection with the Share Exchange. As a result of the Class B Conversion, no Class B ordinary shares
remain outstanding as of December 31, 2024 and 2023. 

The offer
and sale of the Exchange Shares has not been registered under the Securities Act or any state securities laws and the Exchange Shares
not be offered or sold in the United States absent registration under the Securities Act or an applicable exemption from registration
requirements. Nothing contained in this Annual Report on Form 10-K constitutes an offer to sell, or the solicitation of an offer to buy,
any securities and shall not constitute an offer, solicitation or sale