Company: APXIF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026189
Chunk: 269

Company: APx Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 269
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 set for us to consummate the Business Combination. In order to complete the
delisting process, we expect that Nasdaq will file a Form 25-NSE with the SEC, and the delisting will become effective ten days
after such Form 25-NSE is filed. Although we expect that we will be notified by Nasdaq prior to the filing of such Form 25-NSE,
as well as prior to the release of a press release by Nasdaq announcing the delisting event, we are not at this time able to determine
when such Form 25-NSE will be filed or when the delisting of our securities from Nasdaq will be complete. The delisting of our securities
may delay, or ultimately prevent, the consummation of the Business Combination.

While we continue to work towards its completion,
the Business Combination was not consummated as of December 6, 2024, which, as further discussed below, was the deadline Nasdaq
had provided us to consummate the Business Combination or face potential delisting from the Nasdaq exchange as a result of non-compliance with
certain of Nasdaq’s continued listing requirements.

On September 4, 2024, we received written
notice from the Listing Qualifications Department of Nasdaq indicating that since the aggregate market value of our outstanding warrants
was less than $1 million, we were no longer in compliance with the Nasdaq continued listing criteria set forth in Listing Rule 5452(b)(C) (the
“Rule”), which required us to maintain an aggregate market value of our outstanding warrants of at least $1 million
(the “Notice”). We subsequently submitted a plan to regain compliance with the Rule (the “Compliance Plan”).

On October 29, 2024, we received written
notice from Nasdaq’s staff, stating that the Compliance Plan was not accepted as we had provided insufficient evidence to demonstrate
that we could effect the Compliance Plan by its 36-month expiration date of December 6, 2024, at which time our securities
would be delisted from Nasdaq in accordance with IM-5101-2, irrespective of our progress or lack thereof toward regaining compliance
with the Rule, and that the Nasdaq’s staff had determined to initiate procedures to delist our warrants (and, as a result of the
warrants’ inclusion therein, our units) from Nasdaq due to our non-compliance. Nasdaq suspended the trading of the Public Warrants