Company: APXIF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026189
Chunk: 109

Company: APx Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 109
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 rights
pursuant to a registration rights agreement to be signed prior to or on the effective date of the Initial Public Offering, requiring
the Company to register such securities for resale (in the case of the founder shares, only after conversion to our Class A ordinary
shares). The holders of the majority of these securities are entitled to make up to three demands, excluding short form demands, that
the Company register such securities. In addition, the holders have certain “piggy-back” registration rights with respect
to registration statements filed subsequent to the consummation of a Business Combination and rights to require the Company to register
for resale such securities pursuant to Rule 415 under the Securities Act. The Company will bear the expenses incurred in connection with
the filing of any such registration statements.

50

Underwriting Agreement 

In connection with the IPO, the underwriter was
granted a 45-day option to purchase up to 2,250,000 additional Units to cover over-allotments at the Proposed Offering price, less the
underwriting discounts and commissions. As of December 31, 2021, the underwriter exercised all of the over-allotment units.

The underwriter was entitled to a cash underwriting
discount of 2.00% of the gross proceeds of the Proposed Offering, or $3,450,000 as the over-allotment option was exercised in full. In
addition, the underwriter would be entitled to a deferred fee of three and half percent (3.50%) of the gross proceeds of the Proposed
Offering, or $6,037,500 as the over-allotment option was exercised in full. The deferred fee would become payable to the underwriter
from the amounts held in the Trust Account solely in the event that the Company completes a Business Combination, subject to the terms
of the underwriting agreement.

Effective as of September 28, 2022, the underwriter
from the Initial Public Offering resigned and withdrew from their role in the Business Combination and thereby waived their right to
the deferred underwriting commissions in the amount of $6,037,500, which the Company has recorded as a gain on settlement of underwriter
fees on the statement of shareholders’ equity for the year ended December 31, 2022 for $5,788,453, which represents the original
amount recorded to accumulated deficit, and the remaining balance representing the original amount recorded to the statement of operations
of $249,047 was recorded for the