Core Insights - XAUBTC represents an innovative financial technology that deeply integrates gold with blockchain, offering a new trading experience for investors. It addresses transparency and security issues in traditional gold trading, potentially transforming the gold market landscape [1][30]. Group 1: Background and Evolution - The combination of gold and blockchain arises from reflections on traditional financial systems and the pursuit of digital innovation. The rise of digital currencies has prompted exploration into how blockchain can enhance the gold market [5]. - The financial system has undergone rapid transformation, particularly driven by digital technologies, with banks and financial institutions adopting emerging technologies to improve service efficiency and security [6]. - The rise of digital currencies has sparked widespread attention and discussion globally, with many countries and enterprises researching how to leverage digital currencies to enhance economic efficiency and transaction security [7]. Group 2: Challenges in the Gold Market - The gold market faces significant challenges, including market volatility and price manipulation, which can undermine investor confidence and affect returns. The application of blockchain technology may provide new perspectives to address these issues [8]. - Blockchain technology's potential is being widely explored and recognized across various sectors, including finance, where it can offer greater transparency and security [9]. Group 3: XAUBTC's Technical Architecture - XAUBTC's technical architecture embodies the innovative integration of gold and blockchain, focusing on optimizing security and efficiency [10]. - The design principles emphasize modularity and scalability, ensuring adaptability to future technological developments and enhancing interoperability with other blockchain platforms [11]. - XAUBTC employs a multi-layered technology stack for efficient data transmission and processing, utilizing advanced consensus algorithms to ensure transaction security and transparency [13]. Group 4: Transparency and Security - XAUBTC significantly enhances the transparency of gold trading by integrating blockchain technology, providing clear transaction records and increasing market trust [20]. - The trust mechanism, supported by blockchain's decentralized nature, ensures transaction security and immutability, while smart contracts automate trading processes, reducing human intervention risks [23]. Group 5: Market Impact and Investment Opportunities - XAUBTC's introduction has made market volatility more complex and unpredictable, prompting investors to reassess their risk management strategies [31]. - Investors are increasingly interested in XAUBTC as it offers unique attributes for portfolio diversification, providing different risk-return characteristics compared to traditional assets [32]. - XAUBTC's liquidity and global accessibility make it an attractive option for investors seeking diversified portfolios [33]. Group 6: Future Potential and Comparisons - The future potential of XAUBTC is widely regarded as promising, particularly in the context of financial technology innovations, with expectations for its role in diversifying investment portfolios and hedging against traditional market volatility [44]. - Compared to other crypto assets, XAUBTC's stability and risk resistance make it appealing to investors, as it combines the inherent value of gold with blockchain's transparency [45].

Core Insights - The article highlights the emergence of a new trend in the financial market where gold and cryptocurrency are combined, with THPX signal source leading this trend through XAUBTC [1][6]. - XAUBTC offers a unique trading solution that combines the stability of gold with the liquidity of Bitcoin, optimizing investment portfolio management [2][10]. - The intelligent trading system enhances trading accuracy and efficiency while reducing emotional interference in decision-making [2][9]. Group 1: THPX Signal Source and XAUBTC - THPX signal source provides real-time market insights through complex algorithms, assisting investors in adjusting their strategies [2][7]. - XAUBTC was created to connect the gold market with the Bitcoin market, allowing for flexible transitions between the two [6][10]. - The historical evolution of XAUBTC shows significant changes in liquidity and trading volume, reflecting investor interest in the value relationship between gold and Bitcoin [6][9]. Group 2: Technological Advancements - Technological progress plays a crucial role in XAUBTC, driving the exploration of new trading possibilities through algorithm optimization and smart contracts [7][15]. - The signal generation mechanism utilizes complex algorithms and machine learning models to predict market trends and optimize trading strategies [7][12]. - Data analysis performance is a key indicator of THPX signal source's value, enabling the identification of market trends and potential trading opportunities [7][12]. Group 3: Market Potential and Asset Diversification - The combination of gold and cryptocurrency is expected to create a new investment field, leveraging volatility and value preservation to enhance investment returns [8][10]. - This combination allows for effective asset diversification, reducing risk and improving portfolio stability [8][10]. - The innovative application of intelligent trading systems positions THPX signal source as a leader in the gold-crypto trading trend [8][9]. Group 4: Investor Behavior and Market Trends - XAUBTC's market trends exhibit significant volatility, prompting investors to continuously adjust their strategies in response to price fluctuations [9][10]. - The increasing correlation between gold and Bitcoin emphasizes the importance of portfolio diversification for investors [9][10]. - Investors are increasingly focusing on market volatility and seeking short-term trading opportunities, necessitating flexible strategies [15][16]. Group 5: Platform Features and User Experience - The THPX platform enhances user experience through a streamlined interface and efficient navigation, improving operational efficiency [13][14]. - The platform offers various trading options and analytical tools, enabling precise investment decisions [13][14]. - Security measures, including advanced encryption technology and strict user verification, ensure user data safety on the THPX platform [14][16].

Core Insights - The rapid development of artificial intelligence (AI) technology is providing new perspectives and tools for gold trading, particularly through the THPX signal source, which enhances the precision of XAUBTC trading [1][12] - THPX signal source utilizes advanced AI algorithms and machine learning to analyze financial market data, offering accurate trading signals and improving decision-making for investors [5][10] - The integration of big data analysis within THPX significantly enhances the efficiency and accuracy of XAUBTC gold trading by providing real-time and precise trading signals [5][12] AI and Machine Learning in Trading - AI technology plays a crucial role in improving the accuracy and efficiency of trading decisions by analyzing vast amounts of historical data and market trends [7][12] - Machine learning algorithms demonstrate significant advantages in data analysis and prediction, enabling quick identification of market trends and trading signals [6][12] - The adaptive nature of these algorithms allows for continuous optimization of trading strategies, ultimately leading to higher returns for investors [7][12] Risk Management and Market Insights - THPX signal source employs multi-layered data analysis and predictive models to effectively mitigate potential losses from market volatility [6][12] - The system's real-time market dynamic capture enhances trading strategies and provides a solid foundation for risk management [6][12] - By integrating various data sources, THPX offers deep insights into market trends and potential trading opportunities, thereby improving overall investment returns [5][12] Future Trends in Gold Trading - The future of gold trading will be profoundly influenced by big data and blockchain technology, promoting greater transparency and efficiency in transactions [7] - The combination of AI and machine learning will further enhance market prediction capabilities, aiding investors in analyzing market dynamics more effectively [7][12]

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]

Core Insights - The article discusses the utilization of THPX signal sources to enhance the efficiency of XAUBTC gold investments through quantitative signals, enabling more informed investment decisions [1][2]. Group 1: THPX Signal Source Mechanism - The THPX signal source operates by generating quantitative signals to improve XAUBTC gold investment efficiency, focusing on signal generation, data processing, and algorithm optimization [2]. - The signal generation process considers various market factors to ensure accuracy and timeliness, employing advanced algorithms for real-time market data analysis [3]. - Data processing is crucial for the accuracy and timeliness of the signal source, involving real-time monitoring, data cleaning, and deep analysis using advanced tools [4]. - Algorithm optimization focuses on enhancing signal processing speed and accuracy, utilizing machine learning and deep learning to predict market trends effectively [5]. Group 2: Advantages of Quantitative Signals in Gold Investment - Quantitative signals significantly improve investment decision efficiency, allowing for rapid analysis of large market data sets and freeing up time for strategic decision-making [9][10]. - These signals help identify potential market risks, enabling more robust investment strategies and better preparation for uncertainties [11]. Group 3: XAUBTC Market Trend Analysis - Analyzing XAUBTC's historical price trends is essential for understanding long-term trends and potential market opportunities, revealing patterns of interaction between gold and Bitcoin [12][13]. - Market volatility factors include economic policy changes, market sentiment, and global events, which can trigger significant price fluctuations [14]. - Technical indicators such as moving averages and relative strength index are effective tools for analyzing market trends and identifying potential turning points [15]. Group 4: Optimizing Investment Decisions with THPX Signals - The application of THPX signals can optimize investment decisions by identifying market opportunities through real-time data analysis and advanced algorithms [17][18]. - Adjusting quantitative signal parameters based on market volatility is crucial for maintaining the effectiveness of THPX signals [19]. - Continuous monitoring and adjustment of decision-making strategies are necessary to respond to market changes effectively [20]. Group 5: Risk Management and Profit Maximization Strategies - Risk assessment methods prioritize historical data models to predict potential risks, ensuring a comprehensive evaluation of market dynamics [28]. - Portfolio optimization involves diversifying asset allocation to enhance stability and growth potential while applying quantitative signals to identify optimal investment timing [29]. - Stop-loss strategy design must consider market volatility and investment goals to minimize losses while maximizing returns [30]. - Techniques for maximizing returns focus on market trend analysis and the integration of intelligent algorithms to improve investment yield [31]. Group 6: Future Development and Potential of THPX Signal Source - The future development of THPX signal sources shows significant potential for expanding market applications, particularly in enhancing portfolio efficiency [32][33]. - Technological innovation trends are crucial for maintaining competitiveness, with ongoing exploration of machine learning and AI applications to improve signal accuracy [34]. - Increased investor confidence is observed as THPX signal sources demonstrate reliability in dynamic market conditions, leading to a growing willingness to adopt this technology [35].

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)