Company: APXIF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026189
Chunk: 7

Company: APx Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 7
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10,693,417 public shares properly exercised their right to redeem their shares (and did not withdraw their
redemption) for an aggregate redemption amount of $111,346,281. Following such redemptions, approximately $68,271,081 remained in the
Trust Account and 6,556,583 public shares remained issued and outstanding.

On February 28, 2023, we issued an unsecured promissory
note (the “First Promissory Note”) in an amount of $875,000 in order to economically facilitate our ability to effect the
First Extension (as defined below). The First Promissory Note was payable in full on the earlier of (a) our consummation of an initial
business combination and (b) December 31, 2023 (the earlier of such dates, the “First Due Date”). On the First Due Date, the
Company was obligated to (i) pay to the Payee (as defined in the First Promissory Note) the outstanding principal amount of the First
Promissory Note in immediately available funds (the “First Principal Balance”) and (ii) deliver to the Payee, as interest-in-
kind, a number of newly issued Warrants equal to the First Principal Balance divided by (y) $1.00, rounded up to the nearest whole number
of warrants. The terms of the Warrants would be identical to the Private Placement Warrants we issued in connection with our IPO. The
Payee shall be entitled to certain registration rights with respect to the Warrants and the shares issuable upon exercise of the Warrants.

Accordingly, on March 1, 2023, we deposited $750,000
into the Trust Account in order to effect the extension of the termination date, from March 9, 2023 to June 9, 2023 (the “First
Extension”).

2

On May 26, 2023, we issued a second unsecured
promissory note (the “Second Promissory Note” and, together with the First Promissory Note, the “Promissory Notes”)
in an amount of $750,000 in order to economically facilitate our ability to effect the Second Extension (as defined below). The Second
Promissory Note was payable in full on the earlier of (a) our consummation of an initial business combination and (b) December 31, 2023
(the earlier of such dates, the “