Company: APXIF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026189
Chunk: 734

Company: APx Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 2
Chunk 734
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 effectuate
our initial business combination using remaining cash in the Trust Account from the proceeds of the offering and the private placement
of the private placement warrants, the proceeds of the sale of our shares in connection with our initial business combination (pursuant
to forward purchase agreements or backstop agreements we may enter into following the consummation of the offering or otherwise), shares
issued to the owners of the target, debt issued to bank or other lenders or the owners of the target, or a combination of the foregoing.

Recent Developments 

Proposed Business Combination 

On March 25, 2024, the Company, OmnigenicsAI,
Merger Sub and MultiplAI entered into the Business Combination Agreement.

On the Closing Date, prior to the Merger Effective
Time, pursuant to the Business Combination Agreement, OmnigenicsAI shall cause the consummation of the Restructuring, pursuant to which
all Indebtedness (subject to certain exceptions) owed by OmnigenicsAI or any Subsidiary of OmnigenicsAI to Parent or any shareholder
of Parent, shall be cancelled and extinguished. The Indebtedness described in this paragraph that is not required to be canceled and
extinguished at Closing shall have their maturity date extended to three years following the Closing Date.

47

On the Closing Date at the Merger Effective Time,
pursuant to the Business Combination Agreement, Merger Sub will merge with and into the Company (with the Company being the surviving
company and becoming a direct wholly-owned subsidiary of OmnigenicsAI) (the “Merger”) and, as a result of the Merger, (a)
each ordinary share of the Company (“SPAC Ordinary Share”) outstanding will be exchanged for the right to receive one ordinary
share of OmnigenicsAI, nominal value $0.0001 per share (“Company Share”), (b) all warrants to purchase SPAC Ordinary Shares
(“SPAC Warrants”) will become warrants of OmnigenicsAI (“Company Warrants”) exercisable for Company Shares, on
substantially the same terms as the SPAC Warrants and (c) OmnigenicsAI shall enter into an Assignment, Assumption and Amendment Agreement
with the Company and Continental Stock Transfer & Trust Company, a New York corporation, as warrant agent, to amend and assume the
Company’s obligations under the existing Warrant Agreement, dated December 6, 2021, to give effect to the conversion of SPAC Warrants