Company: APXIF
Filing Date: 2025-07-18
Form Type: F-4/A
Source: 0001213900-25-065703
Chunk: 149

Company: APx Acquisition Corp. I
Filing Date: 2025-07-18
Form: F-4/A
Chunk 149
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 including controls over the preparation and review of account reconciliations, journal entries and period end financial reporting; and •design and maintain effective controls over certain information technology general controls for IT systems that are relevant to the preparation of our combined financial statements. Specifically, we did not design and maintain: (a) user access controls to ensure appropriate segregation of duties and that adequately restrict user and privileged access to financial applications, programs, and data to appropriate personnel, (b) program change management controls to ensure that IT program and data changes affecting financial IT applications and underlying accounting records are identified, tested, authorized and implemented appropriately, and (c) testing and approval controls for program development to ensure that new software development is aligned with business and IT requirements 51 These material weaknesses resulted in adjustments to our combined financial statements during the audit process. We have taken and continue to take steps to remediate the aforementioned material weaknesses and to enhance our overall control environment, including hiring a Chief Financial Officer and retaining an accounting consulting firm to provide additional support to our technical accounting and financial reporting capabilities and support our finance department in the design and implementation of an improved internal controls system. We have also begun the process of reviewing and documenting our accounting and financial processes and internal controls, improving and formalizing accounting and reporting policies, and building out the appropriate technical, financial management and reporting systems infrastructure to automate and standardize such policies. In addition, as an emerging growth company, we currently are not required to comply with Section 404 of the Sarbanes -OxleyAct. As a result, neither our management nor an independent registered public accounting firm has performed an evaluation of our internal control over financial reporting in accordance with the provisions of the Sarbanes -OxleyAct. We cannot assure you that the measures we have taken to date, and actions we may take in the future, will be sufficient to remediate the control deficiencies that led to these material weaknesses in our internal control over financial reporting or that they will prevent or avoid potential future material weaknesses. Additionally, when evaluating internal controls over financial reporting in the future, we may identify additional material weaknesses that we may not be able to remediate in advance to the applicable reporting deadlines imposed upon us once the Company is required to comply with the management assessment reporting requirements of Section 404 of the Sarbanes -OxleyAct. If we identify any additional material weaknesses in our internal control over financial reporting or we are unable to remediate the material weakness described above or comply with the requirements of Section 404 of the Sarbanes