Company: APXIF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026189
Chunk: 1277

Company: APx Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 7
Chunk 1277
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4, the Company issued a the
unsecured Bioceres Note in the principal amount of $446,000 to Bioceres, an indirect shareholder of OmnigenicsAI Corp, the counterparty
to the Company’s previously announced business combination. The First 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 First Bioceres 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.

On November 7, 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, $914,615 has been drawn
under the Bioceres Notes.

Based on the availability under the Amended and
Restated Note and the Bioceres Notes, management believes that the Company will 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 and structuring, negotiating and consummating the Proposed
Business Combination.

In connection with the
Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s Account Standards
Update (“ASU”) 2014-15, ”Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going
Concern.” The Company has until December 9, 2025 (48 months from the closing of the IPO) if we further extend the period by
up to twelve additional one-month periods, to consummate a Business Combination. It is uncertain that the Company will be able
to consummate a Business Combination by this time. If a Business Combination is