Company: APXIF
Filing Date: 2025-06-11
Form Type: 10-Q
Source: 0001213900-25-053185
Chunk: 163

Company: APx Acquisition Corp. I
Filing Date: 2025-06-11
Form: 10-Q
Item: Part I, Item 2
Chunk 163
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 Combination or one year from this filing. As such, the Company may need to obtain alternative liquidity
and capital resources to meet its needs, which may not be available to the Company. Over this time period, the Company will be using any
available funds for paying existing accounts payable, identifying and evaluating prospective initial Business Combination candidates,
performing due diligence on prospective target businesses, paying for travel expenditures, selecting the target business to merge with
or acquire, and structuring, negotiating and consummating the Business Combination.

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On August 26, 2024, the
Company issued a the unsecured Bioceres Note in the principal amount of $446,000 to Bioceres, an indirect shareholder of OmnigenicsAI
Corp, the counterparty to the Company’s previously announced business combination. The First Bioceres Note bears interest at 20%
per annum. The Company shall repay all interested accrued and the principal balance on the date on which the Company consummates its initial
business combination. The First Bioceres Note is subject to customary events of default, the occurrence of certain of which automatically
triggers the unpaid principal balance of the Note as well as all accrued interest and all other sums payable with regard to the Note becoming
immediately due and payable.

On November 7, 2024,
the Company issued the unsecured Second Bioceres Note in the principal amount of $700,000 to Bioceres. The Second Bioceres Note bears
interest at 20% per annum. The Company shall repay all interested accrued and the principal balance on the date on which the Company
consummates its initial business combination. The note is subject to customary events of default, the occurrence of certain of which automatically
triggers the unpaid principal balance of the note as well as all accrued interest and all other sums payable with regard to the note becoming
immediately due and payable. On March 21, 2025, the Note was amended for the principal amount of up to $712,038.

As of March 31, 2025,
$1,158,037 has been drawn under the Bioceres Notes.

Based
on the availability under the Amended and Restated Note and the Bioceres Notes, management believes that the Company will have sufficient
working capital and borrowing capacity to meet its needs through the earlier of the consummation of a business combination or one year
from this filing. Over this time period, the Company will be using these funds for paying