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APX Acquisition Corp. I (NASDAQ: APXI) has received notice from Nasdaq regarding the delisting of its warrants and units due to non-compliance with listing requirements. The company failed to maintain the required $1 million minimum aggregate market value for its outstanding warrants. Although APXI submitted a compliance plan, Nasdaq rejected it due to insufficient evidence of achieving compliance before the December 6, 2024 deadline. The company's warrants and units will be suspended from trading on November 5, 2024, and subsequently delisted. This action does not affect the listing of APXI's Class A ordinary shares on the Nasdaq Global Market.
On June 5, 2024, APX Acquisition Corp. I (NASDAQ: APXI) announced receiving a deficiency letter from Nasdaq on May 30, 2024. The letter cited non-compliance with Nasdaq Listing Rule 5250(c)(1) because the company failed to file its Annual Report (Form 10-K) for the year ending December 31, 2023, and its Quarterly Report (Form 10-Q) for the quarter ending March 31, 2024.
APXI has until July 29, 2024, to submit a compliance plan. If accepted, the company has up to September 27, 2024, to meet the requirements. If the plan is rejected, APXI can appeal to the Nasdaq Hearings Panel. The company is working with auditors to file the reports and regain compliance promptly.
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APx Acquisition Corp. I (NASDAQ:APXI) announced that shareholders voted to amend the Investment Management Trust Agreement and the Company’s Articles of Association, extending the period for completing an initial business combination by two additional three-month periods. The required payment for this extension will be either $750,000 or $0.125 per outstanding Class A share. Following the vote, 10,693,417 shares were redeemed for approximately $111.35 million, leaving about $68.27 million in the trust account. Additionally, the sponsor intends to further extend the Combination Period for another three months.
APx Acquisition Corp. I (NASDAQ: APXI) announced on August 23, 2022, that it is at risk of non-compliance with NASDAQ's listing rules due to the failure to submit its Quarterly Report on Form 10-Q for the period ending June 30, 2022. The company has until October 24, 2022, to submit a plan to regain compliance. Although this notification does not immediately affect its listing, failure to file by the deadline may lead to consequences. APx is currently working to finalize the Form 10-Q and other necessary reports.
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