APx Acquisition Corp. I(APXIU) - 2023 Q3 - Quarterly Report

IPO and Proceeds - The Company raised gross proceeds of $172.5 million from its IPO by issuing 17,250,000 units at a price of $10.00 per unit, including 2,250,000 units from the underwriters' over-allotment option [132]. - Following the IPO, $175.95 million from the net proceeds was placed in a trust account, which will be invested only in U.S. government securities [133]. - The Company incurred a gain of approximately $6.04 million from the settlement of deferred underwriting commissions after the underwriters waived their right to receive the deferred fee [135]. - The underwriters from the Initial Public Offering waived their right to deferred underwriting commissions amounting to $6,037,500, recorded as a gain on settlement of underwriter fees [160]. Financial Position - As of September 30, 2023, the Company had a principal balance of $125,000 outstanding on a Working Capital Promissory Note issued for financing operating costs related to a business combination [145]. - As of September 30, 2023, approximately $63.34 million remained in the trust account after redemptions, with 5,799,120 public shares outstanding [142]. - As of September 30, 2023, the company had $9,369 in its operating bank account and a working capital deficit of $167,889 [153]. - The company issued an unsecured promissory note of up to $500,000 to finance transaction costs related to a Business Combination, with an outstanding principal balance of $125,000 as of September 30, 2023 [154]. - Management believes the company may not have sufficient working capital and borrowing capacity to meet its needs through the earlier of the consummation of a Business Combination or one year from the filing date [155]. Business Combination Plans - The Company plans to focus its search for a business combination on companies in Spanish-speaking markets [131]. - The Company has not yet selected a specific business combination target and has not engaged in substantive discussions with any potential targets [131]. - The company has until December 9, 2024, to consummate a Business Combination, with uncertainty regarding its ability to do so [156]. - The Company extended the termination date for its business combination up to three times for an additional month each time, with an extension payment of $125,000 for each month [142]. Operating Results - For the three months ended September 30, 2023, the company reported a net income of $3,882,035, with operating costs of $188,108 and interest expense of $24,442 [149]. - For the nine months ended September 30, 2023, the company had a net income of $4,114,741, with operating costs of $1,550,407 and interest expense of $82,345 [151]. - The company incurred a one-time advisory service fee of $1,625,000 during the nine months ended September 30, 2023 [151]. Public Company Status - The Company expects to incur increased expenses due to being a public company, including legal, financial reporting, and due diligence expenses [148]. - The company ended its administrative services agreement as of September 30, 2023, ceasing monthly fee payments of up to $10,000 [157]. - The company does not have any off-balance sheet arrangements or commitments as of September 30, 2023 [169].