Company: APXIF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001213900-25-026189
Chunk: 513

Company: APx Acquisition Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 513
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 our board of directors at such time and we will only pay such dividend out of our profits or share premium
(subject to solvency requirements) as permitted under Cayman Islands law. In addition, our board of directors is not currently contemplating
and does not anticipate declaring any share dividends in the foreseeable future. Further, if we incur any indebtedness in connection
with our initial business combination, our ability to declare dividends may be limited by restrictive covenants we may agree to in connection
therewith.

46

Use of Proceeds from Registered Offerings 

On December 9, 2021, we consummated our IPO of
17,250,000 Units, including the issuance of 2,250,000 Units as a result of the underwriters’ exercise of their over-allotment option
in full. Each Unit consists of one Class A ordinary share and one-half of one redeemable warrant, with each whole warrant entitling the
holder thereof to purchase one Class A ordinary share for $11.50 per share, subject to adjustment. The units were sold at a price of
$10.00 per unit, generating gross proceeds to us of $172,500,000. BofA Securities, Inc. served as the underwriter of the IPO. The securities
sold in the IPO were registered under the Securities Act on a registration statement on Form S-1 (File No. 333-261247). The SEC declared
the registration statement effective on December 6, 2021.

Following the closing of the IPO and private
placement of warrants, $175,950,000 was placed in the Trust Account, comprised of $172,500,000 of the proceeds from the IPO, including
$6,037,500 of the underwriters’ deferred discount, and $8,950,000 of the proceeds of the sale of the Private Placement Warrants.
We paid $3,450,000 in underwriting discounts and recorded approximately $833,597 for other costs and expenses related to the IPO. There
has been no material change in the planned use of proceeds from the IPO as described in the prospectus dated November 19, 2021, which
was filed with the SEC.

The Company paid an underwriting discount at
the closing of the IPO of $3.45 million. An additional fee of $6.04 million was deferred and would become payable upon our completion
of an initial business combination. The deferred portion of the discount would become payable to the