Company: APXIF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026189
Chunk: 1907

Company: APx Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 9C
Chunk 1907
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 respect to the warrants and the shares issuable upon
exercise of the warrants. 

On May 26,
2023, the Company issued a second unsecured promissory note (the “Second Promissory Note” and, together with the First Promissory
Note, the “Promissory Notes”) in an amount of $750,000 in order to economically facilitate the ability to effect the extension
of the termination date, from June 9, 2023 to September 9, 2023 (the “Second Extension”). The Second Promissory Note is payable
in full on the earlier of (a) consummation of an initial business combination or (b) December 31, 2023 (the “Second Due Date”).
On the Second Due Date, the Company shall pay to the Payee under the Second Promissory Note the outstanding principal amount of the Second
Promissory Note in immediately available funds and deliver to the Payee, as interest-in-kind, 750,000 of newly issued warrants. The terms
of the warrants are identical to the Private Placement Warrants the Company issued in connection with the Initial Public Offering. The
Payee shall be entitled to certain registration rights with respect to the warrants and the shares issuable upon exercise of the warrants.

On August
18, 2023, the Company paid in full the outstanding balance of $1,625,000 drawn on the First Promissory and Second Promissory Notes. In
connection, the Company incurred a gain on settlement of debt of $117,373. The Promissory Note payable is considered paid in full, and
the Company no longer has access to draw funds. The Payee forfeited all newly issued private placement warrants, and there was no debt
discount as of December 31, 2024, and December 31, 2023. 

F-19

On September
8, 2023, in connection with the Sponsor Alliance, the Company issued an unsecured promissory note (the “Working Capital Promissory
Note”) in the amount of up to $500,000. The note is non-interest bearing and is convertible at the option of the holder into one
or more private placement warrants. The proceeds of the Promissory Note will be used to finance operating costs in connection with a Business
Combination. The Working Capital Promissory Note is payable in full upon the Company’s consummation of a Business Combination. As
of