Company: APXIF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026189
Chunk: 491

Company: APx Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 491
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 2024 to December 9, 2025 (i.e.,
for up to a period ending 48 months after the consummation of the IPO). Therefore, our public shareholders had the opportunity to redeem
their shares upon the approval of the amendment to our Articles. We cannot assure you that we will not seek to amend our charter or governing
instruments or extend the time to consummate an initial business combination in order to effectuate our initial business combination.

The provisions of our Articles that relate to our pre-business
combination activity (and corresponding provisions of the agreement governing the release of funds from our Trust Account) may be amended
with the approval of holders of not less than two-thirds (or such higher threshold as specified in the company’s amended and restated
articles of association) of our ordinary shares who attend and vote at a general meeting of the company (or 65% of our ordinary shares
who attend and vote at a general meeting of the company with respect to amendments to the trust agreement governing the release of funds
from our Trust Account), which is a lower amendment threshold than that of some other special purpose acquisition companies. It may be
easier for us, therefore, to amend our Articles to facilitate the completion of an initial business combination that some of our shareholders
may not support. 

Our Articles provide that any of its provisions
related to pre-business combination activity (including the requirement to deposit proceeds of the IPO and the private placement of warrants
into the Trust Account and not release such amounts except in specified circumstances, and to provide redemption rights to public shareholders
as described herein) may be amended if approved by a special resolution under Cayman Islands law which requires the affirmative vote
of at least two-thirds of the shareholders who attend and vote at a general meeting of the company, and corresponding provisions of the
trust agreement governing the release of funds from our Trust Account may be amended if approved by holders of 65% of our ordinary shares
who attend and vote at a general meeting of the company. Our initial shareholders, who will collectively beneficially own 89.2% of our
issued and outstanding ordinary shares entitled to vote thereon (assuming they do not purchase any securities in the open market), will
participate in any vote to amend our Articles and/or trust agreement and will have the discretion to vote in any manner they choose.
As a result, we may be able to amend the provisions of our amended and restated memorandum and articles of association which govern our
pre-business combination behavior