Company: APXIF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026189
Chunk: 783

Company: APx Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 2
Chunk 783
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 the Company had failed to maintain a
minimum of $1,000,000 in aggregate market value of its outstanding warrants and is not in compliance with Nasdaq’s Listing
Rule 5452(b)(C). The Warrant Letter further stated that the Company has until October 21, 2024, to submit a plan to regain compliance
with respect to such deficiency.

On October 29, 2024, the Company received
written notice from the Staff (the “November Notice”), stating that the Compliance Plan the Company submitted in response
to the September 4, 2024 deficiency letter (the “Warrant Letter”) was not accepted as the Company had provided insufficient
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, (