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APx Acquisition Corp. I (APXI0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing indicates that APx Acquisition Corp. I is a blank check company incorporated in the Cayman Islands on May 13, 2021, with the purpose of effectuating a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or other similar business combination with one or more businesses.
The company had a net income of $250,870 for the nine months ended September 30, 2024, which included operating costs of $2,227,219, interest income of $2,478,916 from investments in the Trust Account, and interest expense of $827.
APx Acquisition Corp. I reported a net income of $2,122,120 for the three months ended September 30, 2024, with operating costs of $738,095 and an unrealized gain of $2,022,883 related to the change in fair value of warrants.
As of September 30, 2024, the company had $168 in cash and a working capital deficit of $3,970,122, excluding accrued interest receivable.
The company has until December 9, 2024, to consummate a business combination, with the possibility of extending the period by up to twelve additional one-month periods.
The report outlines the proposed business combination with OmnigenicsAI Corp, Heritas Merger Sub Limited, and MultiplAI Health Ltd, which was formalized in a Business Combination Agreement dated March 25, 2024.
The filing details the company's liquidity needs, which were met through a payment from the Sponsor and the remaining net proceeds from the Initial Public Offering, the Private Placement Warrants, and the Promissory Notes.
The company acknowledges substantial doubt about its ability to continue as a going concern if a business combination is not consummated by December 9, 2024.
The filing also discusses the company's internal control weaknesses and the steps being taken to remediate these issues.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the APx Acquisition Corp. I quarterly 10-Q report dated November 22, 2024. To report an error, please email earnings@qz.com.