APx Acquisition Corp. I (NASDAQ:APXI), a blank check company currently trading near its 52-week high, has announced amendments to its corporate charter and trust agreement following an extraordinary general meeting (EGM) on Monday.
According to InvestingPro analysis, the company maintains a conservative financial structure with minimal debt, showing a total debt to capital ratio of just 0.01. The shareholders approved an extension of the period within which the company must complete a business combination, now set to December 9, 2025.
The extension, which pushes the deadline 48 months past the initial public offering (IPO), was one of several changes greenlit by the shareholders. Additionally, the shareholders voted to eliminate certain limitations related to the company's net tangible assets, specifically the restriction that prevented the company from redeeming shares if it would result in net tangible assets falling below $5,000,001 upon completing a business combination.
The approved amendments also include a modification to the investment management trust agreement, which was originally dated December 6, 2021. This amendment allows for the extended merger period as well as the removal of the net tangible asset redemption limitation.
The EGM saw a strong turnout, with 88.35% of the shares represented. Of the votes cast, a majority exceeding two-thirds supported the extension of the merger period and the associated trust agreement amendment. Similarly, the net tangible asset requirement amendment proposal passed with a significant majority.
In connection with the shareholders' decisions, 5,077,568 public shares were tendered for redemption. As a result, approximately $60.86 million will be withdrawn from the trust account to pay the shareholders who elected for redemption, equating to about $11.99 per share. Post-redemption, the trust account will retain about $6.23 million.
The company, which is focused on identifying a merger target in the real estate and construction sector, has now been granted additional time to find and complete a suitable business combination. This news is based on the latest 8-K filing with the Securities and Exchange Commission.
InvestingPro subscribers can access detailed financial health metrics, including the company's Altman Z-Score of 0.73 and return on assets of 3.6%, along with 12+ additional key performance indicators to evaluate potential merger opportunities. Unlock comprehensive SPAC analysis and real-time alerts with an InvestingPro subscription.
In other recent news, APx Acquisition Corp. I has issued two significant promissory notes. The first, amounting to $700,000, was issued to Bioceres LLC, an indirect shareholder of OmnigenicsAI Corp. The 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. The second promissory note, issued to the same entity, amounts to $446,000 and carries the same interest rate.
In a recent development, APx Acquisition Corp. I is set to be delisted from NASDAQ due to non-compliance with 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. This delisting does not impact the listing of its Class A ordinary shares.
Furthermore, APx Acquisition Corp. I has 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.
However, APx Acquisition Corp. I and OmnigenicsAI plan to proceed with their business combination. These are the recent developments surrounding APx Acquisition Corp. I.
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