Company: APXIF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026189
Chunk: 624

Company: APx Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1C
Chunk 624
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 Account solely in the event we complete our initial business combination subject to the terms of the underwriting agreement.
However, on September 28, 2022, the underwriters waived their right to receive the deferred fee, resulting in a gain from settlement
of deferred underwriting commissions of approximately $6.04 million.

ITEM 6. [Reserved] 

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS. 

The following discussion and analysis of the Company’s financial
condition and results of operations should be read in conjunction with the audited financial statements and the notes related thereto
which are included in “Item 8. Financial Statements and Supplementary Data” of this Annual Report. Certain information contained
in the discussion and analysis set forth below includes forward-looking statements. Our actual results may differ materially from those
anticipated in these forward-looking statements as a result of many factors. Certain information contained in the discussion and analysis
set forth below includes forward-looking statements. Our actual results may differ materially from those anticipated in these forward-looking
statements as a result of many factors, including those set forth under “Cautionary Note Regarding Forward-Looking Statements and
Risk Factor Summary,” “Item 1A. Risk Factors” and elsewhere in this Annual Report.

Overview 

We are a blank check company incorporated on
May 13, 2021 as a Cayman Islands exempted company formed for the purpose of effecting an initial business combination. We intend to effectuate
our initial business combination using remaining cash in the Trust Account from the proceeds of the offering and the private placement
of the private placement warrants, the proceeds of the sale of our shares in connection with our initial business combination (pursuant
to forward purchase agreements or backstop agreements we may enter into following the consummation of the offering or otherwise), shares
issued to the owners of the target, debt issued to bank or other lenders or the owners of the target, or a combination of the foregoing.

Recent Developments 

Proposed Business Combination 

On March 25, 2024, the Company, OmnigenicsAI,
Merger Sub and MultiplAI entered into the Business Combination Agreement.

On the Closing Date, prior to the Merger Effective
Time, pursuant to the Business Combination Agreement, OmnigenicsAI shall cause the consummation of the Restructuring, pursuant to which
all Indebtedness (subject to certain exceptions) owed by Omnigenics