It appears that you've provided a table of contents for a 10-Q financial report, which is a quarterly report filed by publicly traded companies with the Securities and Exchange Commission (SEC). Since there is no article title provided, I'll assume you'd like me to generate a title based on the typical structure of a 10-Q report. Here's a possible title: "Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934" Please note that this is a standard title for a 10-Q report and may not reflect the actual title of the article you're looking for. If you could provide more context or information about the article, I'd be happy to try and assist you further.

Press release · 09/27 22:32
It appears that you've provided a table of contents for a 10-Q financial report, which is a quarterly report filed by publicly traded companies with the Securities and Exchange Commission (SEC). Since there is no article title provided, I'll assume you'd like me to generate a title based on the typical structure of a 10-Q report. Here's a possible title: "Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934" Please note that this is a standard title for a 10-Q report and may not reflect the actual title of the article you're looking for. If you could provide more context or information about the article, I'd be happy to try and assist you further.

It appears that you've provided a table of contents for a 10-Q financial report, which is a quarterly report filed by publicly traded companies with the Securities and Exchange Commission (SEC). Since there is no article title provided, I'll assume you'd like me to generate a title based on the typical structure of a 10-Q report. Here's a possible title: "Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934" Please note that this is a standard title for a 10-Q report and may not reflect the actual title of the article you're looking for. If you could provide more context or information about the article, I'd be happy to try and assist you further.

I apologize, but it seems that you haven’t provided the financial report (10-Q) for me to summarize. Please share the report, and I’ll be happy to assist you in summarizing the key financial figures, main events, and significant developments in a single paragraph.

Overview

APx Cap Acquisition Corp. is a blank check company incorporated in May 2021 for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. The company completed its initial public offering (IPO) in December 2021, raising $172.5 million.

The Proposed Business Combination

On March 25, 2024, APx Cap Acquisition Corp. entered into a Business Combination Agreement with OmnigenicsAI Corp and Heritas Merger Sub Limited to combine their businesses. The key terms of the proposed transaction are:

  • Merger Sub will merge with and into APx Cap Acquisition Corp., with APx Cap Acquisition Corp. being the surviving company and becoming a wholly-owned subsidiary of OmnigenicsAI.
  • Each APx Cap Acquisition Corp. ordinary share will be exchanged for one OmnigenicsAI ordinary share.
  • All APx Cap Acquisition Corp. warrants will become OmnigenicsAI warrants on substantially the same terms.
  • The transaction is subject to customary closing conditions, including shareholder approval and regulatory approvals.

Results of Operations

Since its IPO, APx Cap Acquisition Corp.’s activity has been limited to evaluating potential business combination targets. The company has not generated any operating revenue and expects to incur increased expenses as a public company.

For the three months ended March 31, 2024, the company had a net loss of $2.2 million, primarily due to $1.3 million in operating costs and a $1.8 million unrealized loss on the change in fair value of warrants, offset by $813,000 in interest income.

For the three months ended March 31, 2023, the company had a net loss of $192,000, which included $920,000 in operating costs, $715,000 in unrealized losses on warrants, and $1.5 million in interest income.

Factors That May Adversely Affect Results

APx Cap Acquisition Corp.’s results and ability to complete a business combination could be adversely impacted by various factors, including economic uncertainty, volatility in financial markets, supply chain disruptions, inflation, and geopolitical instability.

Liquidity and Capital Resources

As of March 31, 2024, the company had $568 in cash and a working capital deficit of $2.4 million. The company’s liquidity needs have been satisfied through the IPO proceeds and a promissory note. However, management believes the company will not have sufficient working capital to meet its needs through the consummation of a business combination or one year from the filing date. The company may need to obtain alternative liquidity sources, which may not be available.

The company has until December 2024 (with potential extensions) to complete a business combination, after which it will be required to liquidate if a deal is not reached. This raises substantial doubt about the company’s ability to continue as a going concern.

Critical Accounting Policies

Key accounting policies include the treatment of warrant liabilities, classification of Class A ordinary shares subject to possible redemption, and the calculation of net income per ordinary share. The company also qualifies as an “emerging growth company” under the JOBS Act, allowing it to delay adoption of certain new accounting standards.

Overall, APx Cap Acquisition Corp. is focused on completing the proposed business combination with OmnigenicsAI, but faces liquidity challenges and risks that could impact its ability to do so successfully.