APx Acquisition Corp. I (NASDAQ:APXI), a special purpose acquisition company, has entered into a material definitive agreement, according to a recent SEC filing. The company issued an unsecured promissory note for $700,000 to Bioceres LLC on Thursday, November 7, 2024. Bioceres, an indirect shareholder of OmnigenicsAI Corp, is connected to APx Acquisition's previously announced business combination.
The promissory note carries a high-interest rate of 20% per annum and is set to mature on the date of the company's initial business combination, at which point the principal and any accrued interest must be repaid. The note also includes standard default provisions, which could trigger immediate repayment of the principal and accrued interest if certain conditions are met.
This financial move by APx Acquisition Corp. I comes as the company continues to navigate its path towards a business combination. The issuance of the note was made pursuant to an exemption from registration under Section 4(a)(2) of the Securities Act of 1933, as amended.
The details of the promissory note are outlined in Exhibit 10.1 attached to the SEC filing, which provides a complete reference for the summary information presented in this article. The filing also includes the company's address and contact information, as well as confirmation that the company is classified as an emerging growth company under the Securities Exchange Act of 1934.
Investors and interested parties can find more information about this financial obligation and its terms in the company's Form 8-K filed with the SEC. This news is based on a press release statement and provides factual details without speculation on future impacts or trends.
In other recent news, APx Acquisition Corp. I is set to be delisted from NASDAQ due to non-compliance with the listing criteria. The company's aggregate market value of outstanding warrants fell below the required $1 million threshold.
Despite presenting a Compliance Plan, NASDAQ concluded that the company could not meet the requirements by the deadline. The delisting does not impact the listing of its Class A ordinary shares.
In the meantime, APx Acquisition Corp. I halted its acquisition of MultiplAI Health Ltd due to emerging risks and regulatory changes. Significant discrepancies in operational focus and financial requirements between the two companies influenced this decision. Nevertheless, APx Acquisition Corp. I and OmnigenicsAI plan to proceed with their business combination.
As part of this combination, APx Acquisition Corp. I has issued a $446,000 promissory note to Bioceres LLC, an indirect shareholder of OmnigenicsAI Corp. This note carries a 20% per annum interest rate and is due upon completion of APx's initial business combination. These are the recent developments surrounding APx Acquisition Corp. I.
InvestingPro Insights
APx Acquisition Corp. I's recent financial move can be better understood in the context of its current market position. According to InvestingPro data, the company has a market capitalization of $117.24 million USD, indicating its relatively small size in the market. This aligns with its status as a special purpose acquisition company (SPAC) seeking a business combination.
InvestingPro Tips reveal that management has been aggressively buying back shares, which could be seen as a sign of confidence in the company's future prospects. This is particularly relevant given the recent issuance of the $700,000 promissory note, as it suggests the company is actively managing its capital structure while pursuing its business combination goals.
It's worth noting that APx Acquisition Corp. I is trading at a high P/E ratio of 48.42, which is significantly above the market average. This high valuation multiple could reflect investor expectations surrounding the potential business combination with OmnigenicsAI Corp.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and insights that could provide a deeper understanding of APx Acquisition Corp. I's financial position and market performance.
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