Core Insights - THPX signal source utilizes AI-driven quantitative signals to assist XAGBTC traders in identifying optimal trading opportunities in the rapidly evolving cryptocurrency market [1][5][10] - The system enhances trading success rates and supports strategy optimization through advanced signal data processing and complex algorithmic calculations [5][6][9] Signal Data Processing - Signal data processing is crucial for accurately capturing market dynamics, enabling the identification of potential trading opportunities and risk factors through efficient analysis of real-time market data [5][6] - Machine learning algorithms underpin the signal data processing, providing a solid foundation for optimizing trading strategies [5] Algorithmic Mechanism - The algorithmic mechanism of THPX signal source employs complex mathematical models and real-time data analysis to efficiently predict market trends and optimize trading strategies [5][6] - By continuously updating and adjusting algorithm parameters, the system adapts to market changes, maximizing traders' profit potential [5][6] Market Trend Analysis - Market trend analysis plays a vital role in financial markets, helping traders make informed decisions by studying past data and predicting future trends [6][9] - THPX signal source leverages big data analysis and machine learning models for real-time monitoring and analysis of market trends, allowing traders to seize trading opportunities during market fluctuations [6][9] Risk Management Strategies - Integrated risk management modules within THPX signal source aim to reduce the impact of risk events by continuously monitoring market volatility and adjusting trading parameters accordingly [6][10] - The system employs AI models to predict potential risk events, providing preventive strategies to safeguard investors' capital [6][10] Trading Psychology and Emotional Management - Effective emotional management is essential for traders to maintain composure during market volatility, thereby avoiding impulsive decisions [8] - Developing a stable trading mindset is crucial for improving trading success rates [8] Technical Indicators and Trading Strategy Optimization - Technical indicators, such as moving averages and relative strength index (RSI), are vital tools for traders to identify market trends and potential trading opportunities [8] - Combining various technical indicators can enhance the accuracy of buy and sell timing, thereby increasing trading success rates [8] Overall Performance of THPX Signal Source - The application of THPX signal source in XAGBTC trading has significantly improved the precision of investment decisions, enabling traders to effectively capture market fluctuations and optimize entry and exit timing [10] - Data indicates that portfolios utilizing THPX signal source demonstrate superior performance in terms of return and risk control [10]

摘要: 揭开THPX信号源的秘密，利用量化信号实现XAUBTC黄金投资的高效策略，助您在市场中抢占先机！ 大家好，今天我们要探讨的是如何利用THPX信号源提升XAUBTC黄金投资的效率。我们相信通过量化信号，我们可以更精确地把握市场动态， 从而做出更明智的投资决策。我们不再只是依赖直觉，而是通过数据分析和算法优化来提升我们的投资策略。随着XAUBTC市场的不断变化，我 们必须随时调整我们的策略，以确保我们在风险管理和收益提升上取得最佳效果。让我们一同深入了解THPX信号源的工作原理和它为我们的投 资带来的潜在优势。 ## THPX信号源的工作原理 我们在信号生成过程中会考虑多种市场因素，以确保信号的准确性和及时性。我们使用先进的算法实时分析市场数据。我们确保数据处理的高效 性，以便迅速应对市场变化。我们还不断优化我们的模型，提高预测的精确度。我们的目标是通过这些努力提升投资的整体效率。 ### 数据处理机制 数据处理机制是我们关注的核心，因为它决定了信号源的准确性和及时性。我们会实时监控各类数据流的动态变化。通过高效的数据清理和整 合，我们确保输入数据的可靠性。接着，我们利用先进的分析工具对数据进行深度解析。 ...

Core Insights - THPX signal source provides high accuracy and reliability, enhancing decision-making confidence and adapting to market fluctuations [2][15] - The application of THPX in silver, gold, and oil BTC trading significantly improves decision efficiency and reduces misjudgments [3][7] - The use of diversified investment strategies through THPX allows for better risk management and optimization of profit opportunities [7][15] Silver Market - THPX signal source offers exceptional market insights and decision support, enabling precise strategy selection and effective risk management [8][9] - The tool helps in identifying potential trading opportunities by analyzing market trends and providing real-time data [11][15] Gold Market - Intelligent signals from THPX facilitate better trading opportunities by quickly providing market change information, reducing reliance on subjective judgment [9][15] - The combination of market analysis and personal experience enhances decision accuracy and effectiveness [8][12] Oil BTC Trading - THPX optimizes buying and selling timing, improving market adaptability and trading success rates [7][10] - The signal source maintains stability even in highly volatile conditions, allowing for quick adjustments to market changes [10][15] Risk Management - Effective risk management strategies are crucial for ensuring long-term profitability, with THPX aiding in real-time market dynamics assessment [9][11] - Setting reasonable stop-loss points and diversifying investments are key components of the risk management approach [11][12] Trading Psychology - Building a strong trading psychology is essential for decision-making and market response, with THPX providing the necessary confidence and support [12][15] - Continuous learning and strategy adjustment are vital for maintaining competitiveness in trading [12][15]

Part I [Business](index=5&type=section&id=Item%201.%20Business) HPX Corp., a SPAC, completed its IPO, merged with Ambipar Emergency Response, and delisted its securities - HPX Corp. was a blank check company incorporated on March 20, 2020, for the purpose of effecting a business combination[18](index=18&type=chunk) - On July 20, 2020, the company consummated its Initial Public Offering (IPO) of **25,300,000 units at $10.00 per unit, generating gross proceeds of $253,000,000**[19](index=19&type=chunk) - On March 3, 2023, HPX consummated its business combination with Ambipar Emergency Response (AMBI), merging into AMBI which became the surviving entity[9](index=9&type=chunk)[33](index=33&type=chunk) - Following the business combination, on March 3, 2023, the NYSE American filed to delist HPX's securities, and on March 16, 2023, HPX filed for deregistration[38](index=38&type=chunk) - As of December 31, 2022, the company had **one officer and no full-time employees**[39](index=39&type=chunk) [Risk Factors](index=11&type=section&id=Item%201.A.%20Risk%20Factors) As a smaller reporting company, HPX Corp. is not required to include risk factors in this Annual Report - The company is not required to include risk factors in the Annual Report as it qualifies as a smaller reporting company[40](index=40&type=chunk) [Unresolved Staff Comments](index=11&type=section&id=Item%201.B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments - None[41](index=41&type=chunk) [Properties](index=11&type=section&id=Item%202.%20Properties) The company's executive offices are in Wilmington, Delaware, with costs covered by a monthly Sponsor fee - The company maintains its executive offices in Wilmington, Delaware. The cost is included in a **$10,000 per month fee** paid to the Sponsor for office space and support services[42](index=42&type=chunk) [Legal Proceedings](index=11&type=section&id=Item%203.%20Legal%20Proceedings) The company is not currently subject to any material legal proceedings - The company is not currently subject to any material legal proceedings[43](index=43&type=chunk) [Mine Safety Disclosures](index=11&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - None[44](index=44&type=chunk) Part II [Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities](index=12&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Shareholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) HPX's securities were delisted from NYSE American on March 3, 2023, and the company has never paid cash dividends - The company's units, Class A common stock, and warrants were delisted from the NYSE American on March 3, 2023[47](index=47&type=chunk) - As of December 31, 2022, there was approximately **one holder of record for Units, one for Class A ordinary shares, and two for redeemable warrants**[47](index=47&type=chunk) - The company has not paid any cash dividends on its ordinary shares to date[48](index=48&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=12&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) HPX reported a net loss of $3.4 million in 2022 due to higher costs and lower warrant gains, with identified material internal control weaknesses [Results of Operations](index=13&type=section&id=Results%20of%20Operations) The company reported a net loss of $3.4 million in 2022, a shift from $9.4 million net income in 2021 Comparison of Results of Operations (Years Ended Dec 31) | Metric | 2022 | 2021 | | :--- | :--- | :--- | | **Net (Loss) Income** | **($3,425,810)** | **$9,394,728** | | Operating Costs | $6,633,923 | $1,163,690 | | Change in Fair Value of Warrant Liabilities | $2,278,476 | $10,533,024 | | Interest Income on Trust Account | $694,357 | $25,305 | [Liquidity and Capital Resources](index=15&type=section&id=Liquidity%20and%20Capital%20Resources) HPX managed liquidity through cash and Sponsor loans, with significant trust account depletion from shareholder redemptions Cash and Trust Account Balances (as of Dec 31, 2022) | Account | Balance | | :--- | :--- | | Cash held outside Trust Account | $199,388 | | Cash held in Trust Account | $21,905,597 | - In 2022, shareholders redeemed shares for an aggregate amount of approximately **$231.8 million ($195.1 million in July and $36.7 million in November)**, significantly reducing the Trust Account balance[28](index=28&type=chunk)[29](index=29&type=chunk)[178](index=178&type=chunk) - The Sponsor provided working capital loans to the company, with **$905,000 outstanding as of December 31, 2022**. An additional **$410,000 was loaned in January 2023**. In March 2023, **$1,168,548 of this debt was forgiven**[70](index=70&type=chunk)[72](index=72&type=chunk) [Critical Accounting Policies and Estimates](index=17&type=section&id=Critical%20Accounting%20Policies%20and%20Estimates) Critical accounting policies involve fair value measurement for warrant and derivative liabilities, and temporary equity classification for redeemable shares - **Warrant Liabilities:** Warrants are treated as liabilities recorded at fair value, with changes in value recognized in the statements of operations[76](index=76&type=chunk) - **Derivative Financial Instruments:** The PIPE derivative liability, resulting from the Downside Protection Agreement, is recorded at fair value with changes recognized in the statements of operations[77](index=77&type=chunk) - **Class A Ordinary Shares Subject to Redemption:** These shares are classified as temporary equity and presented at their redemption value, outside of the shareholders' equity section[79](index=79&type=chunk) [Controls and Procedures](index=19&type=section&id=Item%209.A.%20Controls%20and%20Procedures) Management concluded disclosure controls were ineffective as of December 31, 2022, due to material weaknesses in financial instrument accounting and cash management - Management concluded that disclosure controls and procedures were **not effective as of December 31, 2022**[87](index=87&type=chunk) - A material weakness was identified in accounting for complex financial instruments, as processes to apply accounting requirements were inadequate[88](index=88&type=chunk) - A second material weakness was identified due to a lack of segregation of duties in cash management, where the CEO/CFO could execute payments without a required independent review[88](index=88&type=chunk) - The company's internal control structure ceased to be in operation subsequent to the closing of the business combination[89](index=89&type=chunk)[92](index=92&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=22&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) As of December 31, 2022, HPX had a seven-member board with three independent committees and a Code of Ethics - The company's executive team included Carlos Piani as CEO & CFO, and Bernardo Hees and Rodrigo Xavier as Co-Chairmen of the Board[98](index=98&type=chunk) - The board of directors consisted of **seven members** and had **three standing committees: Audit, Compensation, and Nominating and Corporate Governance**, each composed solely of independent directors[113](index=113&type=chunk)[115](index=115&type=chunk) - The Audit Committee was chaired by Salete Pinheiro, who was determined to be an '**audit committee financial expert**'[116](index=116&type=chunk) - The company maintained a Code of Ethics applicable to all directors, officers, and employees[120](index=120&type=chunk) [Executive Compensation](index=31&type=section&id=Item%2011.%20Executive%20Compensation) Directors and officers received no cash compensation, with the Sponsor receiving a monthly fee and independent directors receiving Founder Shares - No directors or officers received any cash compensation for services rendered[126](index=126&type=chunk) - The company paid its Sponsor **$10,000 per month** for office space and administrative support services[126](index=126&type=chunk) - The Sponsor transferred **20,000 Founder Shares** to each of the independent directors at the original purchase price[126](index=126&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters](index=31&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Shareholder%20Matters) As of December 31, 2022, HPX Capital Partners LLC was the largest beneficial owner of Class B shares Beneficial Ownership as of December 31, 2022 | Beneficial Owner | Class | Shares Owned | Percentage of Class | | :--- | :--- | :--- | :--- | | HPX Capital Partners LLC (Sponsor) | B | 6,245,000 | 19.8% | | James A. & Margaret M. Ruffalo | A | 272,810 | 12.5% | | Meteora Capital, LLC. | A | 174,719 | 8.0% | | Mizuno Financial Group, Inc. | A | 123,794 | 5.8% | | All directors and officers as a group | B | 6,305,000 | 19.9% | [Certain Relationships And Related Party Transactions](index=32&type=section&id=Item%2013.%20Certain%20Relationships%20And%20Related%20Party%20Transactions) The company engaged in related party transactions with its Sponsor, including share sales, administrative fees, and working capital loans, largely forgiven post-merger - The Sponsor purchased **5,750,000 Founder Shares for $25,000 and 7,060,000 Private Placement Warrants for $7,060,000**[131](index=131&type=chunk)[135](index=135&type=chunk) - The company paid the Sponsor **$10,000 per month** for administrative services. At closing, the entire outstanding balance of **$315,000 was forgiven**[140](index=140&type=chunk)[148](index=148&type=chunk) - The Sponsor provided multiple working capital loans, totaling **$1,315,000 by January 2023**. On the closing date, **$1,168,548 of this amount was forgiven**[144](index=144&type=chunk)[145](index=145&type=chunk)[148](index=148&type=chunk) - Concurrently with the business combination, the company entered into an Investor Rights Agreement, which amended and restated the original Registration Rights Agreement, and a Sponsor Letter Agreement, which recapitalized the Sponsor's shares and warrants[138](index=138&type=chunk)[146](index=146&type=chunk)[149](index=149&type=chunk) [Principal Accountant Fees and Services](index=39&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) The company paid Marcum LLP $280,418 in audit fees in 2022, with all services pre-approved Audit Fees Paid to Marcum LLP | Year | Audit Fees | | :--- | :--- | | 2022 | $280,418 | | 2021 | $94,760 | - No fees were paid to Marcum LLP for audit-related, tax, or other services in 2022 or 2021[155](index=155&type=chunk)[156](index=156&type=chunk) - All services provided by the auditor were pre-approved by the audit committee or, prior to its formation, by the board of directors[158](index=158&type=chunk) Part IV [Exhibits, Financial Statement Schedules](index=40&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists all financial statements and exhibits filed with the Form 10-K - This section contains the financial statements and a list of all exhibits filed with the Form 10-K[160](index=160&type=chunk)[327](index=327&type=chunk) [Form 10-K Summary](index=81&type=section&id=Item%2016.%20Form%2010-K%20Summary) This item is not applicable - None[328](index=328&type=chunk) Financial Statements [Report of Independent Registered Public Accounting Firm](index=42&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) Marcum LLP issued an unqualified opinion on HPX Corp.'s financial statements for 2021 and 2022, confirming GAAP conformity - The auditor, Marcum LLP, expressed an **unqualified opinion** on the financial statements, stating they are presented fairly in all material respects[164](index=164&type=chunk) - The audit was conducted in accordance with the standards of the Public Company Accounting Oversight Board (PCAOB)[166](index=166&type=chunk) [Financial Statements Data](index=43&type=section&id=Financial%20Statements%20Data) Total assets significantly decreased in 2022 due to redemptions, resulting in a net loss, while liabilities also decreased Balance Sheet Summary (as of Dec 31) | Account | 2022 | 2021 | | :--- | :--- | :--- | | Total Assets | $22,192,485 | $253,686,710 | | Cash held in Trust Account | $21,905,597 | $253,037,516 (as marketable securities) | | Total Liabilities | $18,525,222 | $20,127,451 | | Class A shares subject to redemption | $21,905,597 | $253,037,516 | | Total Shareholders' Deficit | ($18,238,334) | ($19,478,257) | Statement of Operations Summary (Year Ended Dec 31) | Account | 2022 | 2021 | | :--- | :--- | :--- | | Loss from operations | ($6,633,923) | ($1,163,690) | | Change in fair value of warrant liabilities | $2,278,476 | $10,533,024 | | Net (Loss) Income | ($3,425,810) | $9,394,728 | | Basic and diluted net (loss) income per share | ($0.16) | $0.30 | Statement of Cash Flows Summary (Year Ended Dec 31) | Activity | 2022 | 2021 | | :--- | :--- | :--- | | Net cash used in operating activities | ($1,255,404) | ($582,258) | | Net cash provided by investing activities | $231,826,276 | $0 | | Net cash used in financing activities | ($230,921,276) | $0 | [Notes to Financial Statements](index=47&type=section&id=Notes%20to%20Financial%20Statements) Notes detail the Ambipar business combination, significant shareholder redemptions, related-party transactions, and fair value measurements of financial instruments [Note 1. Description of Organization and Business Operations](index=47&type=section&id=Note%201.%20Description%20of%20Organization%20and%20Business%20Operations) This note details HPX's SPAC formation, IPO, business combination with Ambipar, and significant shareholder redemptions - The business combination with Ambipar Emergency Response was consummated on **March 3, 2023**[187](index=187&type=chunk) - In July 2022, holders of **19,472,483 Class A shares redeemed them for ~$195.1 million**. In November 2022, holders of **3,650,973 Class A shares redeemed them for ~$36.7 million**[198](index=198&type=chunk)[199](index=199&type=chunk) - The company's combination period was extended first to November 20, 2022, and then to March 31, 2023, through shareholder approvals[191](index=191&type=chunk)[192](index=192&type=chunk) [Note 5. Related Party Transactions](index=65&type=section&id=Note%205.%20Related%20Party%20Transactions) This note outlines Sponsor transactions including Founder Shares, Private Placement Warrants, administrative fees, and working capital loans - The Sponsor purchased **6,305,000 Founder Shares (net of forfeiture) and 7,060,000 Private Placement Warrants**[207](index=207&type=chunk)[263](index=263&type=chunk) - The company incurred **$120,000 in administrative service fees** to the Sponsor in 2022. The total accrued amount of **$295,000 as of Dec 31, 2022 was later forgiven**[270](index=270&type=chunk)[275](index=275&type=chunk) - As of Dec 31, 2022, **$905,000 was outstanding** under a Working Capital Note from the Sponsor. This amount was later increased to **$1,315,000 and then substantially forgiven**[272](index=272&type=chunk)[275](index=275&type=chunk) [Note 9. Fair Value Measurements](index=77&type=section&id=Note%209.%20Fair%20Value%20Measurements) This note describes the fair value measurement of warrants and PIPE derivative liability using Level 1, 2, and 3 inputs Fair Value of Liabilities (as of Dec 31, 2022) | Liability | Fair Value Hierarchy | Value | | :--- | :--- | :--- | | Warrant Liability – Public Warrants | Level 1 | $5,313,000 | | Warrant Liability – Private Placement Warrants | Level 2 | $2,965,200 | | PIPE derivative liability | Level 3 | $3,259,630 | - The PIPE derivative liability was valued using a Monte Carlo model (Level 3), with key inputs including share price, volatility, and risk-free rate[314](index=314&type=chunk)[316](index=316&type=chunk) [Note 10. Subsequent Events](index=79&type=section&id=Note%2010.%20Subsequent%20Events) This note details post-balance sheet events including additional Sponsor loans, debt forgiveness, and further share redemptions - On January 17, 2023, the Sponsor loaned an additional **$410,000** to the company[318](index=318&type=chunk) - On March 3, 2023, the Sponsor forgave approximately **$1.48 million in debt**, comprising **$1,168,548 in promissory notes and $315,000 in administrative fees**[319](index=319&type=chunk) - In connection with the final business combination vote, holders of **1,258,439 Class A shares redeemed them for an aggregate of $12,655,426**[322](index=322&type=chunk)