Company: APXT
Filing Date: 2025-12-05
Form Type: 10-Q
Source: 0001213900-25-118842
Chunk: 30

Company: Apex Treasury Corp
Filing Date: 2025-12-05
Form: 10-Q
Item: Part I, Item 1
Chunk 30
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 services, as the Company may require from time to time. The Company agreed to pay the Sponsor up to $20,000 per month for these services during the 24-month period to complete a Business Combination.   On October 27, 2025, the Company effected a share capitalization of 1,916,667 Founder Shares, resulting in the initial shareholders holding an aggregate of 11,500,000 Founder Shares, including an aggregate of up to 1,500,000 Founder Shares subject to forfeiture if the over-allotment option is exercised in full or in part by the underwriters. All share and per share amounts have been retroactively restated.   On October 28, 2025, the underwriters partially exercised their over-allotment option and forfeited the unexercised balance. As a result of the partial exercise and the forfeiture of the over-allotment option by the underwriters, 1,490,000 Founder Shares are no longer subject to forfeiture and 10,000 Founder Shares were forfeited, resulting in the initial shareholders holding an aggregate of 11,490,000 Founder Shares.   As of October 29, 2025, the Initial Public Offering closing date, the Company had total borrowings of $224,211 under the Promissory Note, which has been paid in full by the Company at the closing of the Initial Public Offering and the borrowings under the Promissory Note are no longer available.  15

Item 2. Management’s Discussion and Analysis
of Financial Condition and Results of Operations

References in this report (the “Quarterly
Report”) to “we,” “us” or the “Company” refer to APEX TREASURY CORPORATION. References to our
“management” or our “management team” refer to our officers and directors, and references to the “Sponsor”
refer to Apex Treasury Sponsor LLC. The following discussion and analysis of the Company’s financial condition and results of operations
should be read in conjunction with the financial statements and the notes thereto contained elsewhere in this Quarterly Report. Certain
information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties.

Special Note Regarding Forward-Looking Statements

This Quarterly Report includes “forward-looking
statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section
21E of the Securities Exchange Act of 1934, as amended