Company: APXIF
Filing Date: 2025-06-11
Form Type: 10-Q
Source: 0001213900-25-053185
Chunk: 46

Company: APx Acquisition Corp. I
Filing Date: 2025-06-11
Form: 10-Q
Item: Part I, Item 1
Chunk 46
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 option. Each Unit consists of one Class A ordinary
share, par value $0.0001 per share and one-half of one redeemable warrant. Each whole public warrant entitles the holder to purchase one
Class A ordinary share at a price of $11.50 per share, subject to adjustment.

 31

Following the closing
of the IPO, an amount of $175,950,000 from the net proceeds of the sale of the Units in the IPO and the sale of the Private Placement
Warrants was placed in a trust account (the “Trust Account”) located in the United States at Bank of America, N.A., and will
be invested only in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of
1940, as amended (the “Investment Company Act”), with a maturity of 185 days or less or in any open-ended investment company
that holds itself out as a money market fund selected by the Company meeting the conditions of paragraphs (d)(2), (d)(3) and (d)(4) of
Rule 2a-7 of the Investment Company Act, as determined by the Company.

Concurrently with the
closing of the IPO, our Sponsor purchased an aggregate of 8,950,000 private placement warrants (the “Private Placement Warrants”)
at a price of $1.00 per private placement warrants. Each warrant is exercisable to purchase one Class A ordinary share at $11.50
per share. The proceeds from the Private Placement Warrants were added to the proceeds from the IPO held in the Trust Account (as defined
below).

We paid an underwriting
discount at the closing of the IPO of $3.45 million. An additional fee of $6.04 million was deferred and would become payable
upon our completion of an initial business combination. The deferred portion of the discount would become payable to the underwriters
from the amounts held in the Trust Account solely in the event we complete our initial business combination subject to the terms of the
underwriting agreement. However, on September 28, 2022, the underwriters waived their right to receive the deferred fee, resulting
in a gain from settlement of deferred underwriting commissions of approximately $6.04 million.

The Proposed Business Combination

On March 25, 2024,
the Company, OmnigenicsAI Corp, a Cayman Islands exempted company (“Omn