Company: APXIF
Filing Date: 2025-01-22
Form Type: F-4
Source: 0001213900-25-005463
Chunk: 239

Company: APx Acquisition Corp. I
Filing Date: 2025-01-22
Form: F-4
Chunk 239
---
 and those tax losses are not recognized on each financial statement. Accounting for the Business Combination The portion of the Business Combination referring to the incorporation of APx will be accounted for as a capital reorganization in accordance with IFRS. Under this method of accounting, APx will be treated as the “acquired” company for financial reporting purposes, and OmnigenicsAI will be the accounting “acquirer.” This determination was primarily based on the assumptions that: •OmnigenicsAI’s shareholders will hold a majority of the voting power of the Combined Company; •OmnigenicsAI’s operations will substantially comprise the ongoing operations of the Combined Company; •OmnigenicsAI’s designees are expected to comprise a majority of the governing body of the Combined Company; and •OmnigenicsAI’s senior management will comprise the senior management of the Combined Company. Another determining factor was that APx does not meet the definition of a “business” pursuant to IFRS3, Business Combinations, and thus, for accounting purposes, the Business Combination will be accounted for as a capital reorganization. The net assets of APx will be stated at historical cost, with no goodwill or other intangible assets recorded. The Business Combination will be accounted for within the scope of IFRS 2 — Share -basedPayments (“IFRS 2”). As a result, any excess of fair value of the Company Shares issued over the fair value of APx’s identifiable net assets acquired, represent compensation for the service in respect of a stock exchange listing for the Company Shares and is expensed upon consummation. 105

GAAP to IFRS conversion of APx’s financial information as of June 30, 2024 and for the twelve-month period ended June 30, 2024 The historical financial information of APx has been adjusted to give effect to the differences between GAAP and IFRS as issued by the IASB for the purposes of the unaudited pro forma combined consolidated financial information. The identified adjustment to convert APx’s financial statements from GAAP to IFRS for purposes of the unaudited pro forma combined consolidated financial information was to reclassify SPAC Public Shares subject to redemption to non -currentfinancial liabilities for $64.9 million. The reconciliation between APx’s Equity as of June 30, 2024 and net result for the year ended June 30, 2024 between the financial statements prepared under GAAP and the figures resulting from applying IFRS are