Company: APXIF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026189
Chunk: 845

Company: APx Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 3
Chunk 845
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 Class B ordinary shares into an equal number of Class A Ordinary
Shares, on a one-for-one basis (the “Class B Conversion”). As a result of the Class B Conversion, no Class B ordinary shares
remain outstanding.

Promissory Notes

On August 26, 2024, the Company issued the
unsecured First Bioceres Note in the principal amount of $446,000 to Bioceres, an indirect shareholder of OmnigenicsAI. 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 First Bioceres Note as well as all accrued interest and
all other sums payable with regard to the First Bioceres Note becoming immediately due and payable.

On November 7, 2024, the Company issued the unsecured
Second Bioceres Note in the principal amount of $700,000 to Bioceres. The Company shall repay all interested accrued and the principal
balance on the date on which the Company consummates its initial business combination.

Fifth Extension

On December 4, 2024, the Company held the December
2024 EGM, and the shareholders approved an amendment to its Articles and to the Trust Agreement to extend the time to complete the initial
business combination from December 9, 2024 to December 9, 2025 (i.e., for up to a period ending 48 months after the consummation of the
IPO). No further extension payments are required in connection with the Fifth Extension.

48

Results of Operations 

Our entire activity since inception up to December
31, 2024 was in preparation for our formation and the IPO, and since the closing of the IPO, the search for a target and consummating
an initial business combination. We will not be generating any operating revenues until the closing and completion of our initial business
combination.

For the year ended December 31, 2024, we had a net loss of $119,057
which consists of operating costs of $2,612,483, offset by interest income of $3,056,533 from investments in our Trust Account, $527,250
of unrealized loss on fair value changes of warrants and $35,857 of interest expense.