Company: APXIF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026189
Chunk: 477

Company: APx Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 477
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 release by Nasdaq announcing the delisting event, we are not at this time able to determine
when such Form 25-NSE will be filed or when the delisting of our securities from Nasdaq will be complete. The delisting of our securities
may delay, or ultimately prevent, the consummation of the Business Combination.

While we continue to work towards its completion,
the Business Combination was not consummated as of December 6, 2024, which, as further discussed below, was the deadline Nasdaq
had provided us to consummate the Business Combination or face potential delisting from the Nasdaq exchange as a result of non-compliance with
certain of Nasdaq’s continued listing requirements.

On September 4, 2024, we received written
notice from the Listing Qualifications Department of Nasdaq indicating that since the aggregate market value of our outstanding warrants
was less than $1 million, we were no longer in compliance with the Nasdaq continued listing criteria set forth in Listing Rule 5452(b)(C) (the
“Rule”), which required us to maintain an aggregate market value of our outstanding warrants of at least $1 million
(the “Notice”). We subsequently submitted a plan to regain compliance with the Rule (the “Compliance Plan”).

On October 29, 2024, we received written
notice from Nasdaq’s staff, stating that the Compliance Plan was not accepted as we had provided insufficient evidence to demonstrate
that we could effect the Compliance Plan by its 36-month expiration date of December 6, 2024, at which time our securities
would be delisted from Nasdaq in accordance with IM-5101-2, irrespective of our progress or lack thereof toward regaining compliance
with the Rule, and that the Nasdaq’s staff had determined to initiate procedures to delist our warrants (and, as a result of the
warrants’ inclusion therein, our units) from Nasdaq due to our non-compliance. Nasdaq suspended the trading of the Public Warrants
and our units on November 5, 2024.

On December 10, 2024, we received a letter
from the Listing Qualifications Department of Nasdaq stating that, pursuant to Nasdaq Listing Rule IM-5101-2, Nasdaq’s staff had
determined that (i) our securities will be delisted from Nasdaq, (ii) trading of our SPAC Class A Ordinary Shares,