Company: APXIF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026189
Chunk: 1110

Company: APx Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 5
Chunk 1110
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evidence to demonstrate that it can effect the Compliance Plan by its 36-month expiration date of December 6, 2024, at
which time the Company’s securities will be delisted from Nasdaq, irrespective of the Company’s progress or lack thereof
toward regaining compliance with the Rule, and that the Staff had determined to initiate procedures to delist the Company’s warrants
from Nasdaq due to the Company’s non-compliance.

Pursuant to the Notice, unless the Company requests
a hearing to appeal this determination by November 5, 2024, the Company’s warrants and units will be suspended at the opening
of business on November 5, 2024, and a Form 25-NSE will be filed with the SEC, which will remove the Company’s
warrants and units from listing and registration on Nasdaq (the “Warrant/Unit Delisting”). The Company does not intend
to request a hearing. The Warrant/Unit Delisting does not affect the listing or trading of the Company’s Class A ordinary
shares on the Nasdaq Global Market, other than those contained within the units. As of the date of this Annual Report on Form 10-K,
our warrants and units have been suspended from trading; however, Nasdaq has not yet filed the Form 25-NSE with the SEC.

On December 10, 2024, the
Company received a letter from the Listing Qualifications Department of The Nasdaq Stock Market (“Nasdaq”) stating that,
pursuant to Nasdaq Listing Rule IM-5101-2 (“Rule IM-5101-2”), the staff of Nasdaq (“Staff”) had determined that
(i) the Company’s securities will be delisted from Nasdaq, (ii) trading of the Company’s Class A common stock, warrants,
and units will be suspended at the opening of business on December 17, 2024 and (iii) a Form 25-NSE will be filed with the Securities
and Exchange Commission (the “SEC”), which will remove the Company’s securities from listing and registration on Nasdaq.
Under Rule IM-5101-2, a special purpose acquisition company must complete one or more business combinations within 36 months of the effectiveness
of its initial public offering registration statement. Since the Company failed to complete its initial business combination by December
6, 2024, the Staff concluded that the Company did not comply with Rule