Company: APXIF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026189
Chunk: 484

Company: APx Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 484
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 and result
in a diversion of the time and resources of our management and board of directors.

33

If we are deemed to be an investment company for purposes of
the Investment Company Act of 1940, as amended (the “Investment Company Act”), we would be required to institute burdensome
compliance requirements and our activities would be severely restricted and, as a result, we may abandon our efforts to consummate an
initial business combination and liquidate. 

There is currently uncertainty concerning the
applicability of the Investment Company Act to a SPAC. It is possible that a claim could be made that we have been operating as an unregistered
investment company. This risk may be increased if we continue to hold the funds in the Trust Account in short-term U.S. government treasury
obligations or in money market funds invested exclusively in such securities, rather than instructing the trustee to liquidate the securities
in the Trust Account and hold the funds in the Trust Account in cash.

If we are deemed to be an investment company
under the Investment Company Act, our activities would be severely restricted. In addition, we would be subject to burdensome compliance
requirements. We do not believe that our principal activities will subject us to regulation as an investment company under the Investment
Company Act. However, if we are deemed to be an investment company and subject to compliance with and regulation under the Investment
Company Act, we would be subject to additional regulatory burdens and expenses for which we have not allotted funds. As a result, unless
we are able to modify our activities so that we would not be deemed an investment company, we would expect to abandon our efforts to
complete an initial business combination and instead to liquidate. If we are required to liquidate, our shareholders would not be able
to realize the benefits of owning stock in a successor operating business, including the potential appreciation in the value of our stock
and warrants following such a transaction, and our warrants would expire worthless.

If we instruct the trustee to liquidate the securities held
in the Trust Account and instead to hold the funds in the Trust Account in cash in order to seek to mitigate the risk that we could be
deemed to be an investment company for purposes of the Investment Company Act, we would likely receive minimal interest, if any, on the
funds held in the Trust Account, which would reduce the dollar amount the public shareholders would receive upon any redemption or liquidation
of the Company. 

The funds in the Trust Account have