Company: APXIF
Filing Date: 2025-06-11
Form Type: 10-Q
Source: 0001213900-25-053185
Chunk: 56

Company: APx Acquisition Corp. I
Filing Date: 2025-06-11
Form: 10-Q
Item: Part I, Item 1
Chunk 56
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 business combination.

Liquidity and Capital Resources

As of March 31, 2025
the Company had $72 in its operating bank account, and a working capital deficit of $5,168,585, excluding accrued interest receivable
as it is not available for working capital purposes.

The Company’s liquidity
needs up to March 31, 2025 had been satisfied through a payment from the Sponsor of $25,000 (Note 5) for the Founder Shares and the remaining
net proceeds from our IPO, the Private Placement Warrants and proceeds from the Promissory Notes. In addition, in order to finance transaction
costs in connection with a Business Combination, the Company issued an unsecured promissory note (the “Working Capital Promissory
Note”) in the amount of up to $2,000,000, as defined above (Note 6). As of March 31, 2025, the Company has an outstanding principal
balance of $1,743,499.

Based on the foregoing,
management believes that the Company will not have sufficient working capital and borrowing capacity to meet its needs through the earlier
of the consummation of a Business Combination or one year from this filing. As such, the Company may need to obtain alternative liquidity
and capital resources to meet its needs, which may not be available to the Company. Over this time period, the Company will be using any
available funds for paying existing accounts payable, identifying and evaluating prospective initial Business Combination candidates,
performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with
or acquire, and structuring, negotiating and consummating the Business Combination.

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On August 26, 2024, the
Company issued a the unsecured Bioceres Note in the principal amount of $446,000 to Bioceres, an indirect shareholder of OmnigenicsAI
Corp, the counterparty to the Company’s previously announced business combination. The First Bioceres Note bears interest at 20%
per annum. The Company shall repay all interested accrued and the principal balance on the date on which the Company consummates its initial
business combination. The First Bioceres Note is subject to customary events of default, the occurrence of certain of which automatically
triggers the unpaid principal balance of the Note as well as all accrued interest and all other sums payable with regard to the Note becoming
immediately due and payable.

On November 7, 2024