Company: APXIF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026189
Chunk: 208

Company: APx Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 208
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ITEM 1. BUSINESS. 

Introduction 

We are a blank check company incorporated on May
13, 2021 as a Cayman Islands exempted company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase,
reorganization or similar business combination with one or more businesses or entities (the “initial business combination”).
We will not be limited to a particular industry or geographic region in our identification and acquisition of a target company.

The registration statement for our initial public
offering (“IPO” or the “public offering”) was declared effective on December 6, 2021. On December 9, 2021, we
consummated our IPO of 17,250,000 units (the “Units”), including the issuance of 2,250,000 Units as a result of the underwriters’
exercise of their over-allotment option in full. Each Unit consists of one Class A ordinary share of the Company, par value $0.0001 per
share (the “Class A ordinary shares”), and one-half of one redeemable warrant of the Company (each whole warrant, a “Warrant”),
with each Warrant entitling the holder thereof to purchase one Class A ordinary share for $11.50 per share, subject to adjustment. The
Units were sold at a price of $10.00 per Unit, generating gross proceeds to the Company of $172,500,000.

On May 21, 2021, APx Sponsor paid $25,000, or
approximately $0.006 per share, to cover certain offering costs in consideration for 4,312,500 Class B ordinary shares, par value $0.0001
(the “Founder Shares”). On November 8, 2021, the APx Sponsor transferred 20,000 Founder Shares to each of Angel Losada Moreno
and David Proman, two of the Company’s independent directors, for an aggregate purchase price of $231.88 (the same per-share price
initially paid by the APx Sponsor), resulting in the APx Sponsor holding 4,272,500 Founder Shares.

Simultaneously with the closing of the IPO, pursuant
to the Private Placement Warrants Purchase Agreement, the Company completed the private sale of 8,950,000 warrants (the “Private
Placement Warrants”) to the APx Sponsor at a purchase price of $1.00 per Private Placement Warrant, generating gross proceeds to
the