☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) For the quarterly period ended March 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-41125 APX ACQUISITION CORP. I (Exact name of registrant as specified in its charter) Cayman Islands N/A (State or other jurisdiction o ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission file number 001-41125 APx Acquisition Corp. I (Exact name of registrant as specified in its charter) Cayman Islands N/A (State or other jurisdiction of incorp ...

Table of Contents Securities registered pursuant to Section 12(b) of the Act: Title of each classTrading Symbol(s)Name of each exchange on which registered Units, each consisting of one Class A ordinary share, par value $0.0001, and one-half of one redeemable warrant APXIU The NASDAQ Stock Market LLC Class A common stock, par value $0.0001 per share APXI The NASDAQ Stock Market LLC Warrants, each whole warrant exercisable for one share of Class A common stock for $11.50 per share APXIW The NASDAQ Stock Mark ...

Table of Contents Title of each classTrading Symbol(s)Name of each exchange on which registered Units, each consisting of one Class A ordinary share, par value $0.0001, and one-half of one redeemable warrant APXIU The NASDAQ Stock Market LLC Class A common stock, par value $0.0001 per share APXI The NASDAQ Stock Market LLC Warrants, each whole warrant exercisable for one share of Class A common stock for $11.50 per share APXIW The NASDAQ Stock Market LLC UNITED STATES SECURITIES AND EXCHANGE COMMISSION Wash ...

Table of Contents Title of each classTrading Symbol(s)Name of each exchange on which registered Units, each consisting of one Class A ordinary share, par value $0.0001, and one-half of one redeemable warrant APXIU The NASDAQ Stock Market LLC Class A common stock, par value $0.0001 per share APXI The NASDAQ Stock Market LLC Warrants, each whole warrant exercisable for one share of Class A common stock for $11.50 per share APXIW The NASDAQ Stock Market LLC UNITED STATES SECURITIES AND EXCHANGE COMMISSION Wash ...

Table of Contents Title of Each ClassTrading SymbolName of each exchange on which registered Units, each consisting of one Class A Ordinary 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 Warrants, each whole warrant exercisable for one Class A Ordinary Share for $11.50 per share APXIW The NASDAQ Stock Market LLC UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10- ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | --- | |-----------------------------------------------------------------------------------------------------------------------------------------------|----- ...

Table of Contents Securities registered pursuant to Section 12(b) of the Act: Title of each classTrading Symbol(s)Name of each exchange on which registered Units, each consisting of one Class A ordinary share, par value $0.0001, and one-half of one redeemable warrant APXIU The NASDAQ Stock Market LLC Class A common stock, par value $0.0001 per share APXI The NASDAQ Stock Market LLC Warrants, each whole warrant exercisable for one share of Class A common stock for $11.50 per share APXIW The NASDAQ Stock Mark ...

Table of Contents Securities registered pursuant to Section 12(b) of the Act: Title of each classTrading Symbol(s)Name of each exchange on which registered Units, each consisting of one Class A ordinary share, par value $0.0001, and one-half of one redeemable warrant APXIU The NASDAQ Stock Market LLC Class A common stock, par value $0.0001 per share APXI The NASDAQ Stock Market LLC Warrants, each whole warrant exercisable for one share of Class A common stock for $11.50 per share APXIW The NASDAQ Stock Mark ...

Financial Performance - As of December 31, 2022, the company reported a net income of $12,836,510, which includes $1,118,794 in operating costs and $11,704,950 in unrealized gains on fair value changes of warrants[274]. - The company reported a net income (loss) per common share for the year ended December 31, 2022, with diluted net income (loss) per share being the same as basic net income (loss) per share due to anti-dilutive effects of warrants[292][293]. - The company reported a net income of $12.8 million for the year ended December 31, 2022, compared to a net income of $1.7 million for the period from May 13, 2021, to December 31, 2021[395]. - The accumulated deficit increased to $(552,763) as of December 31, 2022, from $(17,175,524) in 2021[396]. - The company reported interest income of $2.0 million for the year ended December 31, 2022[395]. - The Company reported a net income of $10,269,208 for the year ended December 31, 2022, resulting in a basic and diluted net income per ordinary share of $0.60[436]. Cash and Working Capital - The company had approximately $413,206 in its operating bank account and a working capital deficit of $200,832 as of December 31, 2022[275]. - Cash and cash equivalents decreased to $413,206 as of December 31, 2022, from $953,432 in 2021[392]. - The company has a significant working capital deficiency and incurred substantial losses, raising doubts about its ability to continue as a going concern[387]. - The company needs to raise additional funds to meet its obligations and sustain operations[387]. - As of December 31, 2022, the Company had not commenced any operations and had a working capital deficit of $200,832[418][422]. Initial Public Offering (IPO) - The company raised gross proceeds of $172,500,000 from its IPO, with each unit sold at $10.00, consisting of one Class A ordinary share and one-half of one redeemable warrant[267]. - The Initial Public Offering (IPO) generated gross proceeds of $172,500,000 from the sale of 17,250,000 units at $10.00 per unit[402]. - Transaction costs for the IPO amounted to $10,321,097, including $3,450,000 in underwriting fees[404]. - Following a shareholder vote, approximately $111,346,281 was redeemed by holders of 10,693,417 public shares, leaving $68,271,081 in the trust account[405]. - The Company has until June 9, 2023, to consummate a Business Combination, or it will face mandatory liquidation[422]. Business Combination and Future Plans - The company has until June 9, 2023, to consummate a Business Combination, with a potential extension to September 9, 2023, if an additional deposit of $750,000 is made[278]. - The company is dependent on the completion of a business combination to execute its business plan[387]. - The Company will only complete a Business Combination if the post-Business Combination entity owns or acquires 50% or more of the outstanding voting securities of the target[409]. - The Company has broad discretion in applying the net proceeds from the IPO and private placement towards a Business Combination[407]. - Management has raised substantial doubt about the Company's ability to continue as a going concern due to insufficient cash flows and the potential for mandatory liquidation[422]. Internal Controls and Governance - The company's internal control over financial reporting was deemed not effective as of December 31, 2022, due to material weaknesses related to warrant liabilities and equity classification[299][302]. - Management has implemented a remediation plan to improve internal control over financial reporting, focusing on accounting for warrant liabilities[304]. - The company does not expect that its disclosure controls and procedures will prevent all errors and instances of fraud[300]. - The board of directors has determined that all members of the audit and compensation committees are independent as per Nasdaq standards[319]. - The audit committee is responsible for pre-approving all auditing and permitted non-audit services performed by the independent auditors[375]. Shareholder and Director Information - The board of directors is divided into three classes, with each class serving a three-year term, and the first class's term will expire at the first annual general meeting[316]. - The audit committee consists of independent directors, including David Proman as Chairman, ensuring compliance with Nasdaq listing standards[320]. - The compensation committee, chaired by Angel Losada Moreno, is responsible for reviewing and approving the CEO's compensation and other executive remuneration[327]. - Directors owe fiduciary duties under Cayman Islands law, including acting in good faith and avoiding conflicts of interest[333]. - The company has fiduciary or contractual obligations to other entities, which may affect its ability to pursue certain business combination opportunities[336]. Related Party Transactions - The company has established a policy for reviewing and approving related party transactions, with a threshold of $120,000 or 1% of the average total assets over the prior two fiscal years[371]. - The audit committee will consider the terms of related party transactions to ensure they are comparable to arm's-length dealings[371]. - The company has a policy that prohibits any director or officer from participating in discussions regarding related party transactions in which they have a material interest[371]. Share Structure and Ownership - As of March 28, 2023, the company has 10,869,083 ordinary shares outstanding, with 6,556,583 Class A and 4,312,500 Class B ordinary shares[353]. - The sponsor beneficially owns approximately 39.7% of the issued and outstanding ordinary shares after the redemption related to the Extension[356]. - Highbridge Capital Management holds 615,059 Class A ordinary shares, representing 9.38% of Class A[353]. - Saba Capital Management owns 1,530,600 Class A ordinary shares, accounting for 23.34% of Class A[353]. - The company has the obligation to register up to 14,762,500 Class A ordinary shares and 10,450,000 warrants under a registration rights agreement[361].