UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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Explanatory Note
Item 1.01 | Entry into a Material Definitive Agreement |
Trust Agreement Amendment
On December 8, 2023, as approved by its shareholders at an extraordinary general meeting held on December 8, 2023 (the “EGM”), APx Acquisition Corp. I (the “Company”), and its trustee, Continental Stock Transfer & Trust Company (the “Trustee”), signed an amendment (the “Trust Agreement Amendment”) to the investment management trust agreement dated as of September 7, 2021, to extend the time to complete a business combination up to twelve (12) times for an additional one (1) month each time (each, an “Extension”) from December 9, 2023 (the “Termination Date”) to December 9, 2024, as approved by the Company’s shareholders in accordance with the Company’s Amended and Restated Memorandum and Articles of Association, as amended (the “Articles of Association”), by depositing the lesser of (a) $125,000 and (b) $0.025 per public share (each Class A ordinary share of the Company eligible for redemption, a “Public Share”) for each one-month extension into the Company’s trust account (the “Trust Account”).
The foregoing descriptions of the Trust Agreement Amendment does not purport to be complete, is qualified in its entirety by reference to the full text of agreement, which is incorporated by reference herein and filed herewith as Exhibit 10.1.
Item 5.03. | Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year. |
At the EGM held on December 8, 2023, the shareholders approved a special resolution, giving the Company the right to extend the date by which it has to complete a business combination up to twelve (12) times for an additional one (1) month each time from the Termination Date to December 9, 2024 (the “Extension Amendment Proposal”).
A copy of the resolutions adopted by the shareholders at the EGM, which resolutions approved the Extension Amendment Proposal (the “Charter Amendment”) is attached as Exhibit 3.1 hereto and is incorporated by reference. The Company will file the Charter Amendment with the Cayman Islands Registrar of Companies.
Item 5.07. | Submission of Matters to a Vote of Security Holders. |
On December 8, 2023, the Company held the EGM. On November 16, 2023, the record date for the EGM, there were 10,111,620 Class A ordinary shares, par value $0.0001 per share (the “Ordinary Shares”) entitled to be voted at the EGM. At the meeting, 8,868,678 or 87.71% of the Ordinary Shares, were represented in person or by proxy.
The final results for each of the matters submitted to a vote of the Company’s shareholders at the EGM are as follows:
1. Extension Amendment Proposal
Shareholders approved the proposal to amend the Company’s Articles of Association as a special resolution, giving the Company the right to extend the date by which it has to complete a business combination up to twelve (12) times for one (1) month each time from the Termination Date, to December 9, 2024. Approval of the Extension Amendment Proposal required a special resolution under Cayman Islands law, being a resolution passed by a majority of not less than two-thirds (2/3) of such holders of the issued and outstanding Shares voted in person or by proxy at the EGM or any adjournment thereof. The Extension Amendment Proposal received the following votes
FOR |
AGAINST |
ABSTAIN | ||
8,285,286 | 583,392 | 0 |
2. Trust Agreement Amendment Proposal
Shareholders approved the proposal to amend the Trust Agreement, as an ordinary resolution, to extend the Termination Date up to twelve (12) times for one (1) month each time from the Termination Date to December 9, 2024 by depositing the lesser of (a) $125,000 or (b) $0.025 per public share into the Company’s Trust Account for each Extension. Approval of the Trust Agreement Amendment Proposal required a special resolution under Cayman Islands law, at least sixty-five percent (65%) of such holders of the issued and outstanding Shares voted in person or by proxy at the EGM or any adjournment thereof. The Trust Agreement Amendment Proposal received the following votes:
FOR |
AGAINST |
ABSTAIN | ||
8,285,286 | 583,392 | 0 |
Item 8.01. | Other Events. |
In connection with the shareholders’ vote at the EGM of shareholders held by the Company on December 8, 2023, 201,496 Public Shares were tendered for redemption, leaving 5,597,624 Public Shares. As a result, $2,246,584.93 (approximately $11.14 per share) will be removed from the Trust Account to pay such holders, without taking into account additional allocation of payments to cover any tax obligation of the Company since that date. After the redemptions, approximately $62,410,855.54 will remain in the Trust Account.
Item 9.01. | Financial Statements and Exhibits |
(c) Exhibits:
Exhibit No. |
Description | |
3.1 | Resolutions adopting the Charter Amendment | |
10.1 | Amendment to the Investment Management Trust Agreement, dated December 8, 2023 | |
104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
APX ACQUISITION CORP. I | ||||||
Dated: February 7, 2023 | By: | /s/ Kyle Bransfield | ||||
Name: | Kyle Bransfield | |||||
Title: | Chief Executive Officer |