Company: CXAI
Filing Date: 2025-11-12
Form Type: 424B3
Source: 0001829126-25-009079
Chunk: 23

Company: CXApp Inc.
Filing Date: 2025-11-12
Form: 424B3
Chunk 23
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   |  1,472 |   |
| Change in fair value of derivative instruments       |     |   |      - |   |
| Warrant liability – September 30, 2025               |     | $ |  1,472 |   |
| Warrant liability – January 1, 2024                  |     | $ |  1,683 |   |
| Change in fair value of derivative instruments       |     |   |  1,472 |   |
| Warrant liability – March 31, 2024                   |     |   |  3,155 |   |
| Change in fair value of derivative instruments       |     |   |  1,051 |   |
| Warrant                                              
 liability – June 30, 2024                            |     |   |  4,206 |   |
| Change in fair value of derivative instruments       |     |   |  1,052 |   |
| Warrant liability – September 30, 2024               |     | $ |  5,258 |   |

<div align='center'>17</div>

The Company accounts for convertible debt under
the fair value option election using Level 3 inputs. For the three and nine months ended September 30, 2025, the Company recognized
an unrealized gain in the Consolidated Statements of Operations and Comprehensive loss of $887
and $387,
respectively. For the three and nine months ended September 30, 2024, the Company recognized an unrealized loss in the Consolidated
Statements of Operations and Comprehensive loss of $67
thousand and $17
respectively, which are presented as a change in fair value of derivative liability. See additional details within Note 11, Convertible debt.

Under ASC Topic 820-10, the convertible debts
that are being valued under the fair value option election were classified as Level 3 due to the use of unobservable inputs. The fair
value of the convertible note is valued by an independent valuer using a probability-weighted scenarios model with the following significant
inputs:

Avondale

Pre-Paid Purchase #1

| Schedule of valuation models 
 Inputs                       |     | September 30,           
 2025                    |       |   |
|:-----------------------------|:----|:------------------------|------:|:--|
| Valuation method             |     | Scenario based analysis |       |   |
| Stock price                  |