00-0000000 GRAND CAYMAN false 0001868573 --12-31 0001868573 2023-12-08 2023-12-08 0001868573 apxi:UnitsEachConsistingOfOneClassAOrdinaryShareParValue0.0001PerShareAndOneHalfOfOneRedeemableWarrantMember 2023-12-08 2023-12-08 0001868573 us-gaap:CapitalUnitClassAMember 2023-12-08 2023-12-08 0001868573 apxi:WarrantEachWholeWarrantExercisableForOneClassAOrdinaryShareFor11.50PerShareMember 2023-12-08 2023-12-08

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): December 14, 2023 (December 8, 2023)

 

 

APX Acquisition Corp. I

(Exact name of registrant as specified in its charter)

 

 

 

Cayman Islands   001-41125   N/A
(State or other jurisdiction
of incorporation)		  

(Commission

File Number)

   (IRS Employer
Identification No.)

714 Westview Avenue

Nashville, TN 37205

(Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code: (202) 465-5882

N/A

(Former name or former address, if changed since last report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

  

Trading
Symbol(s)

  

Name of each exchange

on which registered

Units, each consisting of one Class A Ordinary Share, par value $0.0001 per share, and one-half of one Redeemable Warrant   APXIU   The NASDAQ Stock Market LLC
Class A Ordinary Shares, par value $0.0001 per share   APXI   The NASDAQ Stock Market LLC
Warrant, each whole warrant exercisable for one Class A Ordinary Share for $11.50 per share   APXIW   The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

 

 

Item 1.01

Entry into a Material Definitive Agreement

Trust Agreement Amendment

On December 8, 2023, as approved by its shareholders at an extraordinary general meeting held on December 8, 2023 (the “EGM”), APx Acquisition Corp. I (the “Company”), and its trustee, Continental Stock Transfer & Trust Company (the “Trustee”), signed an amendment (the “Trust Agreement Amendment”) to the investment management trust agreement dated as of September 7, 2021, to extend the time to complete a business combination up to twelve (12) times for an additional one (1) month each time (each, an “Extension”) from December 9, 2023 (the “Termination Date”) to December 9, 2024, as approved by the Company’s shareholders in accordance with the Company’s Amended and Restated Memorandum and Articles of Association, as amended (the “Articles of Association”), by depositing the lesser of (a) $125,000 and (b) $0.025 per public share for each one-month extension into the Company’s trust account (the “Trust Account”).

The foregoing descriptions of the Trust Agreement Amendment does not purport to be complete, is qualified in its entirety by reference to the full text of agreement, which is incorporated by reference herein and filed herewith as Exhibit 10.1.

 

Item 5.03.

Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.

At the EGM held on December 8, 2023, the shareholders approved a special resolution, giving the Company the right to extend the date by which it has to complete a business combination up to twelve (12) times for an additional one (1) month each time from the Termination Date to December 9, 2024 (the “Extension Amendment Proposal”).

A copy of the resolutions adopted by the shareholders at the EGM, which resolutions approved the Extension Amendment Proposal (the “Charter Amendment”) is attached as Exhibit 3.1 hereto and is incorporated by reference. The Company will file the Charter Amendment with the Cayman Islands Registrar of Companies.

 

Item 5.07.

Submission of Matters to a Vote of Security Holders.

On December 8, 2023, the Company held the EGM. On November 16, 2023, the record date for the EGM, there were 10,111,620 Class A ordinary shares, par value $0.0001 per share (the “Ordinary Shares”) entitled to be voted at the EGM. At the meeting, 8,868,678 or 87.71% of the Ordinary Shares, were represented in person or by proxy.

The final results for each of the matters submitted to a vote of the Company’s shareholders at the EGM are as follows:

1. Extension Amendment Proposal

Shareholders approved the proposal to amend the Company’s Articles of Association as a special resolution, giving the Company the right to extend the date by which it has to complete a business combination up to twelve (12) times for one (1) month each time from the Termination Date, to December 9, 2024. Approval of the Extension Amendment Proposal required a special resolution under Cayman Islands law, being a resolution passed by a majority of not less than two-thirds (2/3) of such holders of the issued and outstanding Shares voted in person or by proxy at the EGM or any adjournment thereof. The Extension Amendment Proposal received the following votes

 

FOR

  

AGAINST

  

ABSTAIN

8,285,286   583,392   0

2. Trust Agreement Amendment Proposal

Shareholders approved the proposal to amend the Trust Agreement, as an ordinary resolution, to extend the Termination Date up to twelve (12) times for one (1) month each time from the Termination Date to December 9, 2024 by depositing the lesser of (a) $125,000 or (b) $0.025 per public share into the Company’s Trust Account for each Extension. Approval of the Trust Agreement Amendment Proposal required a special resolution under Cayman Islands law, at least sixty-five percent (65%) of such holders of the issued and outstanding Shares voted in person or by proxy at the EGM or any adjournment thereof. The Trust Agreement Amendment Proposal received the following votes:

 

FOR

  

AGAINST

  

ABSTAIN

8,285,286   583,392   0

Item 8.01.

Other Events.

In connection with the shareholders’ vote at the EGM of shareholders held by the Company on December 8, 2023, 201,496 Public Shares were tendered for redemption, leaving 9,910,124 Public Shares. As a result, $2,243,700.78 (approximately $11.13 per share) will be removed from the Trust Account to pay such holders, without taking into account additional allocation of payments to cover any tax obligation of the Company since that date. After the redemptions, approximately $62,330,733.15 will remain in the Trust Account.

 

Item 9.01.

Financial Statements and Exhibits

(c) Exhibits:

 

Exhibit
    No.    

   

Description

  3.1    Resolutions adopting the Charter Amendment
10.1    Amendment to the Investment Management Trust Agreement, dated December 8, 2023
104    Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    APX ACQUISITION CORP. I
Dated: December 14, 2023     By:  

/s/ Kyle Bransfield

    Name:   Kyle Bransfield
    Title:   Chief Executive Officer

Exhibit 3.1

APx Acquisition Corp. I

(the “Company”)

EXTRACT OF THE MINUTES OF AN EXTRAORDINARY GENERAL MEETING OF THE COMPANY HELD VIRTUALLY AND AT THE OFFICES OF THE COMPANY AT 714 WESTVIEW AVENUE, NASHVILLE, TENNESSEE ON 8 DECEMBER 2023 AT 10:00AM (NEW YORK TIME)

 

1

Officers of the Meeting

It was resolved that Kyle Bransfield and Alex Weniger-Araujo be appointed as chairperson and secretary respectively of the meeting.

 

2

Constitution of the Meeting

 

2.1

The Chairperson noted that the Amended and Restated Memorandum and Articles of Association of the Company (the “Memorandum and Articles”) provides that the quorum for a general meeting of the Company is the holders of one-third of all shares of the Company in issue being individuals present in person or by proxy or if a corporation or other non-natural person by its duly authorised representative or proxy.

 

2.2

The Chairperson noted that written notice of the meeting (the “Notice”) had been sent to all shareholders of record of the Company (the “Shareholders”) on 29 November 2023 and that a quorum of the Shareholders were present in person or by proxy. It was noted that the Notice confirmed that the meeting may be attended virtually online via the internet and telephone details as noted therein, and that the physical location of the meeting for the purposes of the Memorandum and Articles would be as noted therein.

 

2.3

The Chairperson noted that the Company had received a copy of the Affidavit of Mailing (a copy of which is attached to these minutes), prepared by Broadridge Financial Solutions, Inc., which confirms that the Notice had been mailed to the Shareholders on 29 November 2023.

 

2.4

The Chairperson noted that the record date for the meeting was 16 November 2023.

 

2.5

The Chairperson introduced Karen Smith of Advantage Proxy, Inc. who acted as inspector of election (the “Inspector”) during the meeting. The Chairperson noted that the Company had received copies of the Oath of Inspector of Election (a copy of which is attached to these minutes) from the Inspector.

 

2.6

Accordingly, the Chairperson declared the meeting duly constituted.

 

2.7

The Chairperson noted that prompt notice of any action taken at the meeting shall be given to each Shareholder not in attendance in person or by proxy following the meeting.

 

3

Business of the Meeting

The Chairperson noted that the purpose of calling the meeting was for the Shareholders to consider and, if thought fit, approve the resolutions contained in the Notice and which are set out below.

4

Proposal/Resolution No. 1 – Extension Amendment Proposal

RESOLVED, as a special resolution, that, subject to and conditional upon the effectiveness of the ordinary resolution to amend the Trust Agreement as set out below, the Amended and Restated Memorandum and Articles of Association of the Company be amended by:

 

(i)

the deletion of the existing Article 49.7 in its entirety and the insertion of the following language in its place:

 

49.7

In the event that the Company does not consummate a Business Combination within 24 months from the consummation of the IPO or 36 months from the consummation of the IPO if the Company extends the period of time to consummate a Business Combination by no more than twelve one-month extensions, provided that, such extension shall only be made where the Sponsor has deposited the lesser of US$125,000 or US$0.025 per share into the Trust Account for each one month extension (as applicable) on or prior to the applicable Business Combination deadline, the Company shall:

 

(a)

cease all operations except for the purpose of winding up;

 

(b)

as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-Share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company (less taxes payable and up to US$100,000 of interest to pay dissolution expenses), divided by the number of then Public Shares in issue, which redemption will completely extinguish public Members’ rights as Members (including the right to receive further liquidation distributions, if any); and

 

(c)

as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining Members and the Directors, liquidate and dissolve, subject in each case to its obligations under Cayman Islands law to provide for claims of creditors and other requirements of Applicable Law.

 

(ii)

the deletion of the existing Article 49.8 in its entirety and the insertion of the following language in its place:

 

49.8

In the event that any amendment is made to the Articles:

 

(a)

to modify the substance or timing of the Company’s obligation to allow redemption in connection with a Business Combination or redeem 100 per cent of the Public Shares if the Company does not consummate a Business Combination within 24 months from the consummation of the IPO, or 36 months from the consummation of the IPO if such time period is extended by the Company by no more than three one month extensions as provided for in Article 49.7 above; or

 

(b)

with respect to any other provision relating to Members’ rights or pre-Business Combination activity,

each holder of Public Shares who is not the Sponsor, a Founder, Officer or Director shall be provided with the opportunity to redeem their Public Shares upon the approval or effectiveness of any such amendment at a per-Share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes, divided by the number of then outstanding Public Shares.

 

5

Voting

 

5.1

The resolutions referenced above were put to the meeting.

 

5.2

The voting results of the resolutions are set out in the Report of Inspector of Election from the Inspector (a copy of which is attached to these minutes.

 

5.3

The Chairperson declared that the resolutions referenced above were carried.

(The remainder of this page is intentionally left blank – signature page follows)

6

Termination of Meeting

There being no further business the meeting was concluded.

 

/S/ Kyle Bransfield

      

/s/ Alex Weniger-Araujo

Chairperson       Secretary

Exhibit 10.1

AMENDMENT TO THE

INVESTMENT MANAGEMENT TRUST AGREEMENT

This Amendment No. 3 (this “Amendment”), dated as of December 8, 2023, to the Investment Management Trust Agreement (as defined below) is made by and between APx Acquisition Corp. I (the “Company”) and Continental Stock Transfer & Trust Company, as trustee (“Trustee”). All terms used but not defined herein shall have the meanings assigned to them in the Trust Agreement.

WHEREAS, the Company and the Trustee entered into an Investment Management Trust Agreement dated as of December 6, 2021, as amended by that Amendment No. 1 to the Investment Management Trust Agreement dated as of February 27, 2023, as further amended by that Amendment No. 2 to the Investment Management Trust Agreement dated as of September 7, 2023 (the “Trust Agreement”);

WHEREAS, Section 1(i) of the Trust Agreement sets forth the terms that govern the liquidation of the Trust Account under the circumstances described therein;

WHEREAS, at an Extraordinary General Meeting of the Company held on December 8, 2023 (the “Extraordinary General Meeting”), the Company’s shareholders approved (i) a proposal to amend the Company’s amended and restated articles of association (the “Amended and Restated Memorandum and Articles of Association”) giving the Company the right to extend the date by which it has to consummate a business combination (the “Combination Period”) up to twelve (12) times for an additional one (1) month each time from December 9, 2023 to December 9, 2024 (i.e., for up to a period of time ending thirty-six (36) months after the consummation of its initial public offering); and

NOW THEREFORE, IT IS AGREED:

1. Section 1(i) of the Trust Agreement is hereby amended and restated in its entirety as follows:

“Commence liquidation of the Trust Account only after and promptly after (x) receipt of, and only in accordance with the terms of, a letter from the Company (“Termination Letter”) in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B, as applicable, signed on behalf of the Company by its Chief Executive Officer, Chief Financial Officer, President, Executive Vice President, Vice President, Secretary or Chairman of the board of directors of the Company (the “Board”) or other authorized officer of the Company, and, in the case of Exhibit A, acknowledged and agreed to by the Representative, and complete the liquidation of the Trust Account and distribute the Property in the Trust Account, including interest earned on the funds held in the Trust Account (less taxes payable and up to $100,000 of interest income to pay dissolution expenses), only as directed in the Termination Letter and the other documents referred to therein, or (y) upon the date which is the later of (1) 36 months from the closing of the Offering and (2) such later date as may be approved by the Company’s shareholders in accordance with the Company’s amended and restated memorandum and articles of association if a Termination Letter has not been received by the Trustee prior to such date, in which case the Trust Account shall be liquidated in accordance with the procedures set forth in the Termination Letter attached as Exhibit B and the Property in the Trust Account, including interest earned on the funds held in the Trust Account (less taxes payable and up to $100,000 of interest income to pay dissolution expenses), shall be distributed to the Public Shareholders of record as of such date;”

IN WITNESS WHEREOF, the parties have duly executed this Amendment to the Investment Management Trust Agreement as of the date first written above.

CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Trustee

 

By:  

/s/ Francis Wolf

Name:   Francis Wolf
Title:   Vice President

APX ACQUISITION CORP. I

 

By:  

/s/ Kyle Bransfield

Name:   Kyle Bransfield
Title:   CEO
v3.23.3
Document and Entity Information
Dec. 08, 2023
Document And Entity Information [Line Items]  
Entity Tax Identification Number 00-0000000
Entity Address, Region GRAND CAYMAN
Amendment Flag false
Entity Central Index Key 0001868573
Current Fiscal Year End Date --12-31
Document Type 8-K
Document Period End Date Dec. 08, 2023
Entity Registrant Name APX Acquisition Corp. I
Entity Incorporation State Country Code E9
Entity File Number 001-41125
Entity Address, Address Line One 714 Westview Avenue
Entity Address, City or Town Nashville
Entity Address, State or Province TN
Entity Address, Postal Zip Code 37205
City Area Code (202)
Local Phone Number 465-5882
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Entity Emerging Growth Company true
Entity Ex Transition Period false
Units Each Consisting Of One Class A Ordinary Share Par Value 0.0001 Per Share And One Half Of One Redeemable Warrant [Member]  
Document And Entity Information [Line Items]  
Security 12b Title Units, each consisting of one Class A Ordinary Share, par value $0.0001 per share, and one-half of one Redeemable Warrant
Trading Symbol APXIU
Security Exchange Name NASDAQ
Capital Unit, Class A [Member]  
Document And Entity Information [Line Items]  
Security 12b Title Class A Ordinary Shares, par value $0.0001 per share
Trading Symbol APXI
Security Exchange Name NASDAQ
Warrant Each Whole Warrant Exercisable For One Class A Ordinary Share For 11.50 Per Share [Member]  
Document And Entity Information [Line Items]  
Security 12b Title Warrant, each whole warrant exercisable for one Class A Ordinary Share for $11.50 per share
Trading Symbol APXIW
Security Exchange Name NASDAQ
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