Company: APXIF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026189
Chunk: 1986

Company: APx Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 10
Chunk 1986
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2024, the Company issued the unsecured
Second Bioceres Note in the principal amount of $700,000 to Bioceres. The Second Bioceres Note bears interest at 20% per annum. The
Company shall repay all interested accrued and the principal balance on the date on which the Company consummates its initial business
combination. The note is subject to customary events of default, the occurrence of certain of which automatically triggers the unpaid
principal balance of the note as well as all accrued interest and all other sums payable with regard to the note becoming immediately
due and payable. As of December 31, 2024, the principal balance outstanding is $468,615.

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. Over this time period, the Company will be using these funds for paying existing
accounts payable, identifying and evaluating prospective initial Business Combination candidates, performing due diligence on prospective
target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating
and consummating the Business Combination. 

Risks and Uncertainties 

The military conflict that commenced in February
2022 by the Russian Federation in Ukraine and the surrounding region, and Hamas’ and Iran’s Fall 2023 attack on Israel and
the ensuing war, have created and are expected to create further global economic consequences, including but not limited to the possibility
of extreme volatility and disruptions in the financial markets, diminished liquidity and credit availability, declines in consumer confidence,
declines in economic growth, increases in inflation rates and uncertainty about economic and political stability. Such global consequences
may materially and adversely affect the Company’s ability to consummate an initial Business Combination, or the operations of a
target business with which the Company ultimately consummates an initial Business Combination. In addition, the Company’s ability
to consummate an initial Business Combination may be dependent on the ability to raise equity and debt financing which may be impacted
by these events, including as a result of increased market volatility, or decreased market liquidity in third-party financing being unavailable
on terms acceptable to the Company or at all. The impact of this action and related sanctions on the global economy and the specific
impact on the Company’s financial position, results of operations and/or ability to consummate an initial Business Combination
are not yet determinable. The financial statements