Company: APXIF
Filing Date: 2025-07-18
Form Type: F-4/A
Source: 0001213900-25-065703
Chunk: 233

Company: APx Acquisition Corp. I
Filing Date: 2025-07-18
Form: F-4/A
Chunk 233
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 of the fiscal year in which (1) the market value of the SPAC Class A Ordinary Shares held by non -affiliatesequals or exceeds $250 million as of the prior June 30 th, and (2) APx’s annual revenues equaled or exceeded $100 million during such completed fiscal year and the market value of the SPAC Class A Ordinary Shares held by non -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 March31, 2025. 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 March31, 2025, 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. Furthermore, APx was unable to file its Quarterly Report on Form 10 -Qfor the period ended March31, 2025 by the initial deadline of May15, 2025, and did not file a Notification of Late Filing on Form 12b -25. Failure to file periodic and certain current reports with the SEC in a timely manner could subject APx to sanctions by the SEC and impact its operations, and the trading of its securities. APx not expect that its disclosure controls and procedures