APx Acquisition Corp. I reported its financial results for the three and six months ended June 30, 2024, revealing significant changes in its financial position compared to the previous fiscal period. As of June 30, 2024, the company had total assets of $64.95 million, an increase from $62.70 million at the end of 2023. However, total liabilities surged from $1.62 million to $5.75 million, leading to a substantial increase in shareholders' deficit from $(1.62 million) to $(5.75 million).

For the three months ended June 30, 2024, APx Acquisition Corp. reported a net income of $378,011, a notable improvement from a net income of $133,508 in the same period of 2023. This increase was attributed to interest earned on investments in the Trust Account, which rose to $827,424 from $819,171 year-over-year. However, for the six months ended June 30, 2024, the company reported a net loss of $1.87 million, a significant decline compared to a loss of $58,854 in the same period of 2023. The loss was primarily driven by operating costs of $1.49 million and an unrealized loss of $2.02 million related to the change in fair value of warrants.

The company’s cash position remained precarious, with only $168 in cash as of June 30, 2024, down from $8,167 at the end of 2023. The working capital deficit was reported at $2.85 million, indicating liquidity challenges. The company has until December 9, 2024, to complete a business combination, with the possibility of extending this period through additional deposits.

Strategically, APx Acquisition Corp. entered into a Business Combination Agreement with OmnigenicsAI Corp. on March 25, 2024, although the proposed acquisition of MultiplAI Health Ltd. was terminated on August 27, 2024. The company has faced compliance issues with Nasdaq, receiving deficiency letters for failing to file required reports, with a compliance plan due by July 29, 2024.

In terms of financing, the company issued a working capital promissory note for up to $2 million, with an outstanding balance of $1.43 million as of June 30, 2024. The company has incurred significant costs related to its financing and acquisition plans, raising concerns about its ability to continue as a going concern if a business combination is not completed by the deadline.