As of March 31, 2024, APX Acquisition Corp. I reported total assets of $63.9 million, an increase from $62.7 million at the end of 2023. Current assets rose to $304,041 from $290,130, while the non-current investment in the Trust Account increased to $63.6 million, up from $62.4 million. However, total current liabilities surged to $2.4 million from $745,503, contributing to total liabilities of $5.1 million, compared to $1.6 million at the end of the previous year. The accumulated deficit worsened to $(5.1 million) from $(1.6 million), reflecting a significant increase in the shareholders’ deficit to $(5.1 million) from $(1.6 million).
For the three months ending March 31, 2024, the company reported a net loss of $(2.2 million), a substantial increase from a loss of $(192,362) in the same period of 2023. This loss was driven by operating costs of $1.3 million, which rose from $920,696 year-over-year, and a significant unrealized loss of $1.8 million related to the change in fair value of warrants. Interest income from investments in the Trust Account decreased to $813,333 from $1.5 million in the prior year.
The basic and diluted net loss per share for Class A ordinary shares was $(0.23), compared to $(0.01) for the same period in 2023. Cash at the end of the reporting period was $568, a sharp decline from $312,548 a year earlier, with a working capital deficit of $2.4 million.
Strategically, the company 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 until December 9, 2024, to complete a business combination, with the option to extend this period up to twelve additional months.
The company has faced challenges, including a deficiency letter from Nasdaq for failing to file required reports, and it is currently working on a compliance plan. Management has expressed substantial doubt regarding the company's ability to continue as a going concern if a business combination is not completed by the deadline.
About APx Acquisition Corp. I
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