Fri, Sep 13, 8:47 PM (98 days ago)
APx Acquisition Corp. I, a Cayman Islands-based blank check company, reported a net income of $4,256 in 2023, down from $13,414 in 2022, with operating expenses rising to $1,745, primarily due to professional fees. The company has a working capital deficit of $737,336 and only $8,167 in cash available for operations, raising concerns about its ability to continue as a going concern. As of December 31, 2023, approximately $62.4 million remains in a Trust Account, designated for a proposed business combination with OmnigenicsAI Corp and MultiplAI Health Ltd, set for March 2024. The company has faced multiple redemptions, notably $111 million in February 2023, impacting liquidity. Significant risk factors include reliance on external financing, potential geopolitical disruptions, and the ongoing need to extend the business combination deadline, which has been pushed to December 2024. The company's board consists of four independent directors, and it has established an audit committee to oversee financial reporting and compliance. There are concerns regarding its ability to maintain effective internal controls, as noted in previous financial statements.