Company: APXIF
Filing Date: 2025-06-11
Form Type: 10-Q
Source: 0001213900-25-053185
Chunk: 164

Company: APx Acquisition Corp. I
Filing Date: 2025-06-11
Form: 10-Q
Item: Part I, Item 2
Chunk 164
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 existing accounts payable and structuring, negotiating
and consummating the Proposed Business Combination.

In connection with the
Company’s assessment of going concern considerations in accordance with Financial Accounting Standard Board’s Account Standards
Update (“ASU”) 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.”
The Company has until December 9, 2025 (48 months from the closing of the IPO) if we further extend the period by up to twelve additional
one-month periods, to consummate a Business Combination. It is uncertain that the Company will be able to consummate a Business Combination
by this time. If a Business Combination is not consummated by this date, there will be a mandatory liquidation and subsequent dissolution
of the Company. Management has determined that the mandatory liquidation, should a Business Combination not occur, and potential subsequent
dissolution, as well as insufficient cash flows, raises substantial doubt about the Company’s ability to continue as a going concern.
The financial statements do not include any adjustment that might result from the outcome of this uncertainty.

Other Contractual Obligations

Administrative Services 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. In connection with the Sponsor Alliance Transaction, the Company and APx Sponsor Group
I terminated the administrative services agreement as of August 30, 2023, and no fees remain outstanding thereunder.

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Registration Rights

The holders of Founder
Shares, Private Placement Warrants, and securities that may be issued upon conversion of working capital loans, if any, (and in each case
holders of their component securities, as applicable) will be entitled to registration rights pursuant to a registration rights agreement
dated as of December 6, 2021, requiring the Company to register such securities for resale (in the case of the Founder Shares, only
after conversion to our Class A ordinary shares). The holders of the majority of these securities are entitled to make up to three
demands, excluding short form demands, that the Company register such securities. In addition, these holders have certain “piggy-back”
registration rights with respect to registration statements filed subsequent to the consummation of a business combination and rights
to require