APx Acquisition Corp. I Announces Approval of Extension Meeting Proposals and Intention to Extend Combination Period

Rhea-AI Summary

APx Acquisition Corp. I (NASDAQ:APXI) announced that shareholders voted to amend the Investment Management Trust Agreement and the Company’s Articles of Association, extending the period for completing an initial business combination by two additional three-month periods. The required payment for this extension will be either $750,000 or $0.125 per outstanding Class A share. Following the vote, 10,693,417 shares were redeemed for approximately $111.35 million, leaving about $68.27 million in the trust account. Additionally, the sponsor intends to further extend the Combination Period for another three months.

Positive

• Shareholder approval to extend the Combination Period provides additional time for strategic business combinations.
• Approximately $68.27 million remains in the Trust Account, offering liquidity for potential acquisitions.

Negative

• A significant number of shareholders (10,693,417 shares) redeemed their shares, indicating a lack of confidence in future business combinations.
• The need to extend the Combination Period suggests delays in identifying a viable business combination.

NEW YORK--(BUSINESS WIRE)-- APx Acquisition Corp. I (“APx” or the “Company”), a special purpose acquisition company, announced today that at the extraordinary general shareholders meeting held on February 27, 2023, the Company’s shareholders voted in favor of proposals to approve an amendment to the Investment Management Trust Agreement, dated December 6, 2021, and the Company’s Amended and Restated Memorandum and Articles of Association (the “Amended Articles of Association”) to change the payment required to extend the date by which the Company must consummate an initial business combination (the “Combination Period”) by two three-month periods. As amended, the required payments are the deposit by the Company into the trust account (the “Trust Account”) established in connection with the Company’s initial public offering (the “IPO”), of the lesser of (a) $750,000 and (b) $0.125 for each Class A ordinary share then outstanding for each three month amendment.

In connection with the vote to approve the proposals, holders of 10,693,417 shares of Class A ordinary shares issued as part of the units sold in the IPO (the “Public Shares”) properly exercised their right to redeem their shares (and did not withdraw their redemption) for cash at a redemption price of approximately $10.41 per share, for an aggregate redemption amount of approximately $111,346,281.12. Following such redemptions, approximately $68,271,080.69 will remain in the Trust Account and 6,556,583 Public Shares will remain issued and outstanding.

On February 27, 2023, the Company’s sponsor notified the Company of its intent to extend the Combination Period by one three-month period.

About APx Acquisition Corp. I

APx Acquisition Corp. I is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.

Cautionary Note Concerning Forward-Looking Statements

This press release contains statements that constitute "forward-looking statements," including with respect to the Company’s search for an initial business combination. No assurance can be given that the Company will ultimately complete a business combination transaction. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's registration statement for the initial public offering and other reports filed with the SEC. Copies are available on the SEC's website, www.sec.gov. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230227005904/en/

Investor

Xavier Martinez

Chief Financial Officer

Xavi@apxcap.mx

Source: APx Acquisition Corp. I

FAQ

What is APXI's recent shareholder vote about?

APXI's shareholders voted to approve an amendment extending the time to complete a business combination by two additional three-month periods.

How much money remains in APXI's Trust Account after recent redemptions?

Approximately $68.27 million remains in APXI's Trust Account following recent shareholder redemptions.

Why did APXI's shareholders redeem their shares?

10,693,417 shares were redeemed, indicating shareholder concerns about the company's future business combination prospects.

What changes were made to the Trust Agreement regarding APXI's Combination Period?

The payment required to extend the Combination Period is now either $750,000 or $0.125 per each outstanding Class A share.

What is the impact of the extension on APXI's future?

The extension grants APXI more time to pursue a viable business combination, although it reflects challenges in finding a suitable target.