Company: APXIF
Filing Date: 2025-06-11
Form Type: 10-Q
Source: 0001213900-25-053185
Chunk: 34

Company: APx Acquisition Corp. I
Filing Date: 2025-06-11
Form: 10-Q
Item: Part I, Item 1
Chunk 34
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EBC”) for the provision of M&A advisory
services (the “Advisory Agreement”) which was subsequently amended on August 22, 2023. The Advisory Agreement was amended
to provide that the Company at its option, could elect to pay up to $500,000 of the transaction fee in ordinary shares of the post-business
combination company (in lieu of cash), with such issuance to occur on the six month anniversary of the closing of the business combination,
and valued based on the volume weighted average price of the post business combination company’s ordinary shares for the ten trading
days immediately preceding the six month anniversary of the closing of the business combination.

NOTE 8. WARRANT LIABILITY

The Company accounted
for the 17,575,000 warrants issued in connection with the Initial Public Offering (8,625,000 Public Warrants and 8,950,000 Private Placement
Warrants) in accordance with the guidance contained in ASC 815-40.

Such guidance provides
that because the warrants do not meet the criteria for equity treatment thereunder, each warrant must be recorded as a liability. Accordingly,
the Company has classified each warrant as a liability at its fair value. This liability is subject to re-measurement at each balance
sheet date. With each such re-measurement, the warrant liability will be adjusted to fair value, with the change in fair value recognized
in the Company’s statement of operations.

 23

Public Warrants may only
be exercised for a whole number of shares. No fractional shares will be issued upon exercise of the Public Warrants. The Public Warrants
will become exercisable on the later of (a) 30 days after the consummation of a Business Combination or (b) 12 months from the closing
of the Initial Public Offering. The Public Warrants will expire five years from the consummation of a Business Combination or earlier
upon redemption or liquidation.

The Company will not
be obligated to deliver any Class A ordinary shares pursuant to the exercise of a Public Warrant and will have no obligation to settle
such Public Warrant exercise unless a registration statement under the Securities Act covering the issuance of the Class A ordinary
shares issuable upon exercise of the Public Warrants is then effective and a prospectus relating thereto is current, subject to the Company
satisfying its obligations with respect to registration. No Public Warrant will be exercisable for cash or on a cashless basis, and the
Company will not be obligated to issue