Company: APXIF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026189
Chunk: 889

Company: APx Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 3
Chunk 889
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, stock purchase, reorganization, or other similar business combination with one or
more businesses (the “Business Combination”). The Company is an early stage and emerging growth company and, as such, the
Company is subject to all of the risks associated with early stage and emerging growth companies. 

As of December 31, 2024, the Company had not
yet commenced any operations. All activity for the period May 13, 2021 (inception) through December 31, 2024, relates to the Company’s
formation and the initial public offering (the “Initial Public Offering”) which is described below. The Company will not
generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate
non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering. The Company has selected
December 31 as its fiscal year end. 

The Company’s sponsor is APx Cap Sponsor
Group I, LLC (the “Sponsor”). The registration statement for the Company’s Initial Public Offering was declared effective
on December 6, 2021. On December 9, 2021, the Company consummated the Initial Public Offering of 17,250,000 units (the “Units”
and, with respect to the shares of Class A ordinary shares included in the Units sold, the “Public Shares”), at $10.00 per
Unit, generating gross proceeds of $172,500,000, which is described in Note 3. 

Simultaneously with the closing of the Initial
Public Offering, the Company consummated the private placement (“Private Placement”) of 8,950,000 warrants (each, a “Private
Placement Warrant” and collectively, the “Private Placement Warrants”) to the Sponsor, each exercisable to purchase
one Class A ordinary share at $11.50 per share, at a price of $1.00 per Private Placement Warrant, generating gross proceeds to the Company
of $8,950,000 (Note 4). 

Transaction costs amounted to $10,321,097, consisting
of $3,450,000 of underwriting fees, $6,037,500 of deferred underwriting fees and $833,597 of other offering costs. In addition, at December
9, 2021, cash of $1,295,936 was held outside of the Trust Account (as defined below) and is available for working capital