Company: APXIF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026189
Chunk: 503

Company: APx Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 503
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covered corporations” beginning
in 2023, with certain exceptions (the “Excise Tax”). The Excise Tax is imposed on the repurchasing corporation itself, not
its stockholders. Because we are a “blank check” Cayman Islands corporations with no subsidiaries or previous merger or acquisition
activity, we are not currently a “covered corporation” for this purpose. The amount of the Excise Tax is generally equal
to 1% of the fair market value of the shares repurchased at the time of the repurchase. However, for purposes of calculating the Excise
Tax, repurchasing corporations are permitted to net the fair market value of certain new stock issuances against the fair market value
of stock repurchases during the same taxable year. In addition, there are certain other exceptions to the Excise Tax. The U.S. Department
of the Treasury has been given authority to issue regulations or other guidance to carry out, and to prevent the avoidance of, the Excise
Tax. The Treasury and the IRS recently have issued preliminary guidance regarding the application of this excise tax, but there can be
no assurance that this guidance will be finally adopted in its current form. A repurchase that occurs in connection with a business combination
with a U.S. target company might be subject to the Excise Tax, depending on the structure of the business combination and other transactions
that might be engaged in during the relevant year.

General Risk Factors 

Our independent registered public accounting firm’s report
contains an explanatory paragraph that expresses substantial doubt about our ability to continue as a “going concern.” 

At December 31, 2024, we had $120 in operating
cash and a working capital deficit of $4,765,415, excluding accrued interest receivable as it is not available for working capital purposes.
We have incurred and expect to continue to incur significant costs in pursuit of our financing and acquisition plans. We have until the
end of the Combination Period to complete our initial business combination which automatically triggers substantial doubt about our ability
to continue as a going concern. There is no assurance that the initial business combination will be successful or successful within the
Combination Period. The financial statements contained elsewhere in this Form 10-K do not include any adjustments that might result from
our inability to continue as a going concern.

Past performance by our management team, our Sponsors and their
respective affiliates, including investments and transactions in which they have participated and businesses with which they have been
associated, may not