Company: APXIF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026189
Chunk: 963

Company: APx Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 4
Chunk 963
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, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial
statements.

52

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT
MARKET RISK. 

We are a smaller reporting company as defined
by Rule 12b-2 of the Exchange Act and are not required to provide the information required under this item.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA. 

This information appears following Item 15 of
this this Annual Report for the year ended December 31, 2024 and is incorporated herein by reference.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
ACCOUNTING AND FINANCIAL DISCLOSURE. 

None.

ITEM 9A. CONTROLS AND PROCEDURES. 

Evaluation of Disclosure Controls and Procedures 

As required by Rules 13a-15 and 15d-15 under
the Exchange Act, our Chief Executive Officer and Chief Financial Officer carried out an evaluation of the effectiveness of the design
and operation of our disclosure controls and procedures as of December 31, 2024. Based upon their evaluation, our Chief Executive Officer
and Chief Financial Officer concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under
the Exchange Act) were not effective, as of December 31, 2024, because of material weaknesses in our internal control over financial
reporting related to errors in warrant liabilities, errors in proper accounting of related party gains, classification of temporary and
permanent equity, classification error in statement of cash flows, accuracy and completeness of accounts payable and accrued expenses,
accrued interest receivable and redemption value of ordinary shares subject to redemption. The detection of errors did not trigger a
financial restatement and had no impact on previously issued financial statements.

We do not expect that our disclosure controls
and procedures will prevent all errors and all instances of fraud. Disclosure controls and procedures, no matter how well conceived and
operated, can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met.
Further, the design of disclosure controls and procedures must reflect the fact that there are resource constraints, and the benefits
must be considered relative to their costs. Because of the inherent limitations in all disclosure controls and procedures, no evaluation
of disclosure controls and procedures can provide