Company: APXIF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026189
Chunk: 2168

Company: APx Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 12
Chunk 2168
---
 CLASS A ORDINARY
SHARES SUBJECT TO POSSIBLE REDEMPTION 

The
Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in Accounting
Standards Codification (“ASC”) Topic 480 “Distinguishing Liabilities from Equity.” Class A ordinary shares
subject to mandatory redemption are classified as a liability instrument and are measured at fair value. Conditionally redeemable
ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder or
subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as
temporary equity. At all other times, ordinary shares are classified as shareholders’ equity. The Company’s Class A
ordinary shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to
occurrence of uncertain future events. Accordingly, Class A ordinary shares subject to possible redemption are presented at
redemption value as temporary equity, outside of the shareholders’ equity section of the Company’s balance sheet. 

The Company
recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal
the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable ordinary shares
are affected by charges against additional paid in capital and accumulated deficit. 

F-23

In February
of 2023, in connection with the vote to approve the First Extension and the Trust Amendment, the holders of 10,693,417 Public Shares properly
exercised their right to redeem their shares (and did not withdraw their redemption) for cash at a redemption price of approximately $10.41
per share, for an aggregate redemption amount of $111,346,281. Following such redemptions, approximately $68,271,081 remained in the trust
account and 6,556,583 public shares remained issued and outstanding. Such remaining amount in the trust account will be distributed either
to (i) all holders of public shares upon our liquidation or (ii) holders of public shares who elect to have their shares redeemed in connection
with the consummation of our initial business combination. Accordingly, on March 1, 2023, the Company deposited $750,000 into the Trust
Account in order to effect the extension of the termination date, from March 9, 2023 to June 9, 2023 (the “First Extension”).
On June 22,