Company: APXIF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026189
Chunk: 1065

Company: APx Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 5
Chunk 1065
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 working capital and borrowing capacity to meet its needs through the earlier of the consummation
of a Business Combination or one year from this filing. As such, the Company may need to obtain alternative liquidity and capital resources
to meet its needs, which may not be available to the Company. Over this time period, the Company will be using any available funds for
paying existing accounts payable, identifying and evaluating prospective initial Business Combination candidates, performing due diligence
on prospective target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring,
negotiating and consummating the Business Combination.

49

On August 26, 2024, the Company issued a the
unsecured Bioceres Note in the principal amount of $446,000 to Bioceres, an indirect shareholder of OmnigenicsAI Corp, the counterparty
to the Company’s previously announced business combination. The First Bioceres Note bears interest at 20% per annum. The Company
shall repay all interested accrued and the principal balance on the date on which the Company consummates its initial business combination.
The First Bioceres Note is subject to customary events of default, the occurrence of certain of which automatically triggers the unpaid
principal balance of the Note as well as all accrued interest and all other sums payable with regard to the Note becoming immediately
due and payable.

On November 7, 2024, the Company issued the unsecured
Second Bioceres Note in the principal amount of $700,000 to Bioceres. The Second Bioceres Note bears interest at 20% per annum. The
Company shall repay all interested accrued and the principal balance on the date on which the Company consummates its initial business
combination. The note is subject to customary events of default, the occurrence of certain of which automatically triggers the unpaid
principal balance of the note as well as all accrued interest and all other sums payable with regard to the note becoming immediately
due and payable.

As of December 31, 2024, $914,615 has been drawn
under the Bioceres Notes.

Based on the availability under the Amended and
Restated Note and the Bioceres Notes, management believes that the Company will have sufficient working capital and borrowing capacity
to meet its needs through the earlier of the consummation of a business combination or one year from this filing. Over this time period,
the Company will be using these funds for paying existing accounts payable and structuring, negotiating