Company: APXIF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026189
Chunk: 1906

Company: APx Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 9C
Chunk 1906
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 warrants will
be identical to the Private Placement Warrants. In the event that a Business Combination does not close, the Company may use a
portion of proceeds held outside the Trust Account to repay the Working Capital Loans but no proceeds held in the Trust Account
would be used to repay the Working Capital Loans. See the description of the First Promissory
Note, the Second Promissory Note, the Working Capital Promissory Note, and the Amended and Restated Note under Note 6 –
Promissory Notes Payable for activity under this arrangement.

Administrative Support Agreement

Commencing
on the date of the prospectus and until completion of the Company’s initial business combination or liquidation, the Company may
reimburse an affiliate of the Sponsor up to an amount of $10,000 per month for office space and secretarial and administrative support
provided to members of the Company’s management team. The Company considered this agreement under the guidance of ASC 842, Leases,
and determined that this agreement did not meet the definition of a lease. In connection with the Sponsor Alliance Transaction, the Company
and APx Sponsor Group I terminated the administrative services agreement as of the end of September 2023, and the Company ceased paying
these monthly fees. 

NOTE 6. PROMISSORY NOTE PAYABLE

On February
28, 2023, the Company issued an unsecured promissory note (the “First Promissory Note”) in an amount of $875,000 in order
to economically facilitate their ability to effect the extension of the termination date. An amount of $125,000 was used in order to economically
facilitate the extension payment to extend the period from September 9, 2023 to October 9, 2023. The First Promissory Note is payable
in full on the earlier of (a) consummation of an initial business combination or (b) December 31, 2023 (the “First Due Date”).
On the First Due Date, the Company shall pay to the payee under the First Promissory Note (the “Payee”) the outstanding principal
amount of the First Promissory Note in immediately available funds and deliver to the Payee, as interest-in-kind, 875,000 of newly issued
warrants. The terms of the warrants are identical to the Private Placement Warrants the Company issued in connection with the Initial
Public Offering. The Payee shall be entitled to certain registration rights with