Financial Performance - The Company raised gross proceeds of $172.5 million from the IPO by selling 17,250,000 units at $10.00 per unit, including 2,250,000 units from the underwriters' over-allotment option [112]. - As of March 31, 2023, the Company reported a net income of $120,845, with operating costs of $920,696 and interest income of $1,769,011 from investments in the Trust Account [116]. - The Company had a working capital deficit of $1,843,498 as of March 31, 2023, with liquidity needs primarily satisfied through a $25,000 payment from the Sponsor and proceeds from the IPO and Private Placement Warrants [116]. - Approximately $68.3 million remained in the Trust Account after redemptions, with 6,556,583 public shares still outstanding [115]. Business Combination - The Company expects to incur increased expenses due to being a public company, including legal and compliance costs, and anticipates substantial increases in expenses following the initial business combination [116]. - The Company has until June 9, 2023, or September 9, 2023, if extended, to consummate a Business Combination, with potential mandatory liquidation if not completed by then [119]. - The Company issued an unsecured promissory note for $875,000 to facilitate the extension of the Combination Period, payable by December 31, 2023 [115]. - The Company plans to focus its search for a business combination on companies in the SSLA or those serving Spanish-speaking markets [111]. Liquidity and Capital Resources - The Company may need to obtain alternative liquidity and capital resources to meet its needs, which may not be available [118]. Share Structure and Accounting - The company has two classes of shares: Class A and Class B, with net income per ordinary share calculated by dividing net income by the weighted average shares outstanding [127]. - As of March 31, 2023, the company reported no off-balance sheet arrangements or contractual obligations [127]. - The company is classified as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards [129]. - The company is currently assessing the impact of ASU 2020-06, effective for fiscal years beginning after December 15, 2023, on its financial position and results of operations [127]. - The company’s ordinary shares subject to possible redemption are classified as temporary equity and presented at redemption value [126]. - The company does not have any mandatory redemption shares classified as liability instruments [126]. - The calculation of diluted net income per share excludes the effect of warrants underlying the Units sold in the IPO, as their inclusion would be anti-dilutive [127]. - The company has not identified any recently issued accounting pronouncements that would materially affect its financial statements if adopted [127]. - The company is evaluating the benefits of relying on reduced reporting requirements provided by the JOBS Act [129]. - The company does not have any commitments or contractual obligations as of the reporting date [127].
APx Acquisition Corp. I(APXIU) - 2023 Q1 - Quarterly Report