Company: APXIF
Filing Date: 2025-06-11
Form Type: 10-Q
Source: 0001213900-25-053185
Chunk: 128

Company: APx Acquisition Corp. I
Filing Date: 2025-06-11
Form: 10-Q
Item: Part I, Item 8
Chunk 128
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, be subject to a lock-up until (i) the date that is twelve (12) months from the Closing
Date, and (ii) such date on which the Company completes a liquidation, merger, share exchange or other similar transaction that results
in all of the shareholders of the Company having the right to exchange their Company Shares for cash, securities or other property, provided
that if the share price of the Company Shares exceeds $12.00 per Company Share (as adjusted for share splits, dividends, reorganizations,
recapitalizations and the like) for any 20 trading days within any 30-day trading period, 50% of the Company Shares held by
any given party to the Registration Rights and Lock-Up Agreement shall be released from the lock-up.

Results of Operations

Our entire activity from
inception up to March 31, 2025 was related to our formation and the IPO. Since the IPO, our activity has been limited to the evaluation
of business combination candidates, and we will not be generating any operating revenues until the closing and completion of our initial
business combination. We expect to generate small amounts of non-operating income in the form of interest income on cash and investments.
We expect to incur increased expenses as a result of being a public company (for legal, financial reporting, accounting and auditing compliance),
as well as for due diligence expenses. We expect our expenses to increase substantially after this period.

For the three months
ended March 31, 2025, we had a net loss of $3,676,898 which was comprised of operating costs of $351,503. In this period, we incurred
unrealized loss of $3,339,250 related to the change in fair value of warrants, interest income of $65,522 from investments in our Trust
Account and interest expense of $51,667.

 36

For the three months
ended March 31, 2024, we had a net loss of $2,249,261, which was comprised of operating costs of $1,305,094. In this period, we incurred
unrealized loss of $1,757,500 related to the change in fair value of warrants and interest income of $813,333 from investments in our
Trust Account. The operating expenses were primarily due to fees to professionals such as the auditors, legal counsel and consultants,
and insurance expenses.

Factors That May Adversely A