Company: APXIF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026189
Chunk: 6

Company: APx Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 6
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 There is no assurance that we will be able to complete an initial business combination successfully.

We must complete one or more initial business
combinations having an aggregate fair market value equal to at least 80% of the net assets held in the Trust Account (net of amounts disbursed
to management for working capital purposes) at the time of our signing a definitive agreement in connection with our initial business
combination. However, we will only complete an initial business combination if the post-transaction company owns or acquires 50% or more
of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to
be required to register as an investment company under the Investment Company Act.

If we are unable to complete an initial business
combination within the Combination Period, we will (i) cease all operations except for the purpose of winding up, (ii) as promptly as
reasonably possible but not more than ten business days thereafter, redeem the public shares, at a per-share price, payable in cash, equal
to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account (less taxes
payable and up to $100,000 of interest income to pay dissolution expenses), divided by the number of then outstanding public shares, which
redemption will completely extinguish public shareholders’ rights as shareholders (including the right to receive further liquidation
distributions, if any) and (iii) as promptly as reasonably possible following such redemption, subject to the approval of our remaining
shareholders and our board of directors, liquidate and dissolve, subject in the case of clauses (ii) and (iii) to our obligations under
Cayman Islands law to provide for claims of creditors and in all cases subject to the other requirements of applicable law. There will
be no redemption rights or liquidating distributions with respect to our warrants, which will expire worthless if we fail to complete
our initial business combination within the Combination Period.

First and Second Extension 

On February 27, 2023, we held an extraordinary
general meeting (the “February 2023 EGM”) and our shareholders approved an amendment to our Articles and to the investment
management trust agreement dated as of September 7, 2021 (as amended, the “Trust Agreement”) to change the payment required
to extend the Combination Period by two three-month periods (the “February Extension Amendment Amendment”). In connection
with such vote, the holders of