Company: APXIF
Filing Date: 2025-01-22
Form Type: F-4
Source: 0001213900-25-005463
Chunk: 224

Company: APx Acquisition Corp. I
Filing Date: 2025-01-22
Form: F-4
Chunk 224
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 -affiliatesequals to or exceeds $700 million as of the prior June 30 th. To the extent APx takes advantage of such reduced disclosure obligations, it may also make comparison of APx’s financial statements with other public companies difficult or impossible. APx has identified material weaknesses in its internal control over financial reporting. If APx is unable to remediate these material weaknesses or otherwise fail to maintain an effective system of internal controls, it may not be able to accurately or timely report its financial condition or results of operations, which may adversely affect its business and the price of its ordinary shares. As required by Rules 13a -15and 15d -15under the Exchange Act, the Chief Executive Officer and Chief Financial Officer of APx carried out an evaluation of the effectiveness of the design and operation of APX’s disclosure controls and procedures as of September 30, 2024. Based upon their evaluation, APx’s Chief Executive Officer and Chief Financial Officer concluded that APx’s disclosure controls and procedures (as defined in Rules 13a -15(e) and 15d -15(e) under the Exchange Act) were not effective, as of September 30, 2024, because of material weaknesses in its internal control over financial reporting related to errors in warrant liabilities, errors in proper accounting of related party gains, classification of temporary and permanent equity, classification error in statement of cash flows, and accuracy and completeness of accounts payable and accrued expenses, accrued interest receivable and redemption value of ordinary shares subject to redemption. The detection of errors did not trigger a financial restatement and had no impact on previously issued financial statements. APx not expect that its disclosure controls and procedures will prevent all errors and all instances of fraud. Disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met. Further, the design of disclosure controls and procedures must reflect the fact that there are resource constraints, and the benefits must be considered relative to their costs. Because of the inherent limitations in all disclosure controls and procedures, no evaluation of disclosure controls and procedures can provide absolute assurance that APx has detected all its control deficiencies and instances of fraud, if any. The design of disclosure controls and procedures also is based partly on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. The Chief Executive Officer and Chief Financial Officer of APx performed