Company: APXIF
Filing Date: 2025-06-11
Form Type: 10-Q
Source: 0001213900-25-053185
Chunk: 32

Company: APx Acquisition Corp. I
Filing Date: 2025-06-11
Form: 10-Q
Item: Part I, Item 1
Chunk 32
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 convertible at the option of the holder
into one or more private placement warrants. The proceeds of the Promissory Note will be used to finance operating costs in connection
with a Business Combination. The Working Capital Promissory Note is payable in full upon the Company’s consummation of a Business
Combination.

On February 9, 2024,
the Company and Templar amended and restated the Working Capital Promissory Note (the “Amended and Restated Note”), to increase
the maximum principal amount from $500,000 to $2,000,000 and to provide that, in addition to funding working capital needs, amounts under
the Amended and Restated Note may be used for the purposes of making one or more payments to Continental Stock Transfer & Trust
Company, a New York limited liability trust company, as Extension Payments (as defined in the Company’s definitive proxy statement
filed with the Securities and Exchange Commission on November 29, 2023, as amended). Other than as set forth above, the terms of
the Amended and Restated Note are identical to those of the Working Capital Promissory Note. The issuance of the Amended and Restated
Note was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended.
As of March 31, 2025 and December 31, 2024, a principal balance of $1,743,499 and $1,731,460, respectively, was outstanding and the
fair value of the conversion feature was immaterial. However, due to the conversion feature of the note capped at $1,500,000, the principal
balance as of March 31, 2025 is presented as Convertible note payable, with the remaining non-convertible portion of the note balance
shown under Notes payable.

On August 26, 2024,
the Company issued an unsecured promissory note (the “Bioceres Note”) in the principal amount of $446,000 to Bioceres LLC
(“Bioceres”), an indirect shareholder of OmnigenicsAI Corp, the counterparty to the Company’s previously announced business
combination. The Bioceres Note bears interest at 20% per annum. The Company shall repay all interest accrued and the principal balance
on the date on which the Company consummates its initial business combination. The Bioceres Note is subject to customary events of default,
the