Company: APXIF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026189
Chunk: 132

Company: APx Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 132
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 date on which the Company consummates its initial business combination (the
“Maturity Date”). In the event the Company consummates its initial business combination, the Templar Sponsor has the option
on the Maturity Date to convert up to $1,500,000 of the principal outstanding under the Templar Note into that number of warrants (“Working
Capital Warrants”) equal to the portion of the principal amount of the Templar Note being converted divided by $1.00, rounded up
to the nearest whole number. The terms of the Working Capital Warrants, if any, would be identical to the terms of the private placement
warrants issued by the Company at the time of its initial public offering, as described in the prospectus for the initial public offering
dated December 6, 2021 and filed with the U.S. Securities and Exchange Commission, including the transfer restrictions applicable thereto.
The Templar Note is subject to customary events of default, the occurrence of certain of which automatically triggers the unpaid principal
balance of the Templar Note and all other sums payable with regard to the Templar Note becoming immediately due and payable. The issuance
of the Templar Note was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933,
as amended.

Amended and Restated Promissory Note 

On February 9, 2024, the Company and Templar
Sponsor amended and restated the Templar Note (the “Amended and Restated Note”), to increase the maximum principal amount
from $500,000 to $2,000,000 and to provide that, in addition to funding working capital needs, amounts under the Amended and Restated
Note may be used the purposes of making one or more payments to Continental Stock Transfer & Trust Company, a New York limited liability
trust company, as Extension Payments (as defined in the Company’s definitive proxy statement filed with the Securities and Exchange
Commission on November 29, 2023, as amended). Other than as set forth above, the terms of the Amended and Restated Note are identical
to those of the Templar Note. The issuance of the Amended and Restated Note was made pursuant to the exemption from registration contained
in Section 4(a)(2) of the Securities Act of 1933, as amended.

Related Party Policy 

The audit committee of our Board has adopted
a policy setting forth the policies and procedures for its review and approval or