Company: APXIF
Filing Date: 2025-06-11
Form Type: 10-Q
Source: 0001213900-25-053185
Chunk: 39

Company: APx Acquisition Corp. I
Filing Date: 2025-06-11
Form: 10-Q
Item: Part I, Item 1
Chunk 39
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 the closing of a Business Combination, the
ratio at which shares of Class B ordinary shares shall convert into shares of Class A ordinary shares will be adjusted
(unless the holders of a majority of the outstanding shares of Class B ordinary shares agree to waive such adjustment with
respect to any such issuance or deemed issuance) so that the number of shares of Class A ordinary shares issuable upon
conversion of all shares of Class B ordinary shares will equal, in the aggregate, on an as converted basis, 20% of the sum of
the total number of all shares of ordinary shares outstanding upon the completion of the Initial Public Offering plus all shares of
Class A ordinary shares and equity linked securities issued or deemed issued in connection with a Business Combination
(excluding any shares or equity linked securities issued, or to be issued, to any seller in a Business Combination, and any private
placement-equivalent warrants issued to the Sponsor or its affiliates upon conversion of loans made to the Company). Holders of
Founder Shares may also elect to convert their shares of Class B ordinary shares into an equal number of shares of Class A
ordinary shares, subject to adjustment as provided above, at any time.

On October 2, 2023,
the Company entered into a Share Exchange Agreement with the Purchaser and the Sponsor (the “Share Exchange Agreement”), pursuant
to which each of the Purchaser and the Sponsor exchanged (the “Share Exchange”) all Class B ordinary shares then held
(totaling an aggregate of 4,312,500 shares) into Class A ordinary shares. The Company issued 4,312,500 Class A ordinary shares
(the “Exchange Shares”) in connection with the Share Exchange.

The offer and sale of
the Exchange Shares has not been registered under the Securities Act or any state securities laws and the Exchange Shares are not offered
or sold in the United States absent registration under the Securities Act or an applicable exemption from registration requirements. Nothing
contained in this Quarterly Report on Form 10-Q constitutes an offer to sell, or the solicitation of an offer to buy, any securities and
shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.

In the Share Exchange
Agreement, each of the Purchaser and the Sponsor represented to the Company that it is an “accredited investor”, as defined
in Rule 501 promulgated under the Securities Act, and the Company’s offer and sale