Company: APXIF
Filing Date: 2025-06-13
Form Type: F-4/A
Source: 0001213900-25-054324
Chunk: 233

Company: APx Acquisition Corp. I
Filing Date: 2025-06-13
Form: F-4/A
Chunk 233
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 2025. Based upon their evaluation, APx’s Chief Executive Officer and Chief Financial Officer concluded that APx’s disclosure controls and procedures (as defined in Rules 13a -15(e) and 15d -15(e) under the Exchange Act) were not effective, as of March31, 2025, because of material weaknesses in its internal control over financial reporting related to errors in warrant liabilities, errors in proper accounting of related party gains, classification of temporary and permanent equity, classification error in statement of cash flows, and accuracy and completeness of accounts payable and accrued expenses, accrued interest receivable and redemption value of ordinary shares subject to redemption. The detection of errors did not trigger a financial restatement and had no impact on previously issued financial statements. Furthermore, APx was unable to file its Quarterly Report on Form 10 -Qfor the period ended March31, 2025 by the initial deadline of May15, 2025, and did not file a Notification of Late Filing on Form 12b -25. Failure to file periodic and certain current reports with the SEC in a timely manner could subject APx to sanctions by the SEC and impact its operations, and the trading of its securities. APx not expect that its disclosure controls and procedures will prevent all errors and all instances of fraud. Disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met. Further, the design of disclosure controls and procedures must reflect the fact that there are resource constraints, and the benefits must be considered relative to their costs. Because of the inherent limitations in all disclosure controls and procedures, no evaluation of disclosure controls and procedures can provide absolute assurance that APx has detected all its control deficiencies and instances of fraud, if any. The design of disclosure controls and procedures also is based partly on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. The Chief Executive Officer and Chief Financial Officer of APx performed additional post -closingreview procedures including reviewing historical filings and consulting with subject matter experts related to the accounting for warrant liabilities. APx’s management has expended, and will continue to expend, a substantial amount of effort and resources for the remediation and improvement of it internal control over financial reporting. While APx has processes to properly identify and evaluate the appropriate accounting technical pronouncements and other literature for all significant or unusual transactions, APx