Company: APXIF
Filing Date: 2025-06-11
Form Type: 10-Q
Source: 0001213900-25-053185
Chunk: 112

Company: APx Acquisition Corp. I
Filing Date: 2025-06-11
Form: 10-Q
Item: Part I, Item 8
Chunk 112
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B shares, $0.0001 par value ordinary shares.
Holders of the Company’s ordinary shares are entitled to one vote for each share. At March 31, 2025 and December 31, 2024, there
were zero Class B ordinary shares issued and outstanding.

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The shares of
Class B ordinary shares will automatically convert into shares of Class A ordinary shares at the time of the Business
Combination on a one-for-one basis, subject to adjustment for stock splits, stock dividends, reorganizations, recapitalizations and
the like. In the case that additional shares of Class A ordinary shares, or equity linked securities, are issued or deemed
issued in excess of the amounts offered in the Initial Public Offering and related to the closing of a Business Combination, the
ratio at which shares of Class B ordinary shares shall convert into shares of Class A ordinary shares will be adjusted
(unless the holders of a majority of the outstanding shares of Class B ordinary shares agree to waive such adjustment with
respect to any such issuance or deemed issuance) so that the number of shares of Class A ordinary shares issuable upon
conversion of all shares of Class B ordinary shares will equal, in the aggregate, on an as converted basis, 20% of the sum of
the total number of all shares of ordinary shares outstanding upon the completion of the Initial Public Offering plus all shares of
Class A ordinary shares and equity linked securities issued or deemed issued in connection with a Business Combination
(excluding any shares or equity linked securities issued, or to be issued, to any seller in a Business Combination, and any private
placement-equivalent warrants issued to the Sponsor or its affiliates upon conversion of loans made to the Company). Holders of
Founder Shares may also elect to convert their shares of Class B ordinary shares into an equal number of shares of Class A
ordinary shares, subject to adjustment as provided above, at any time.

On October 2, 2023,
the Company entered into a Share Exchange Agreement with the Purchaser and the Sponsor (the “Share Exchange Agreement”), pursuant
to which each of the Purchaser and the Sponsor exchanged (the “Share Exchange”) all Class B ordinary shares then held
(totaling an aggregate of 4,312,500 shares) into Class A ordinary shares. The Company issued 4,312,500 Class A ordinary shares
(the “Exchange Shares”) in connection with the Share Exchange.

The