APX Acquisition Corp. I Reports 10-K Delinquency Notice

Rhea-AI Summary

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.

Positive

• APXI has time until July 29, 2024, to submit a compliance plan.
• If the plan is accepted, APXI has until September 27, 2024, to meet compliance requirements.
• The company is actively working with auditors to resolve the issue.

Negative

• APXI received a deficiency letter for not filing its Annual Report and Quarterly Report.
• Non-compliance with Nasdaq's listing requirements can lead to delisting.
• The company faces a tight deadline to regain compliance.
• Potential negative impact on investor confidence due to filing delays.

NASHVILLE, Tenn., June 5, 2024 /PRNewswire/ -- APX Acquisition Corp. I (NASDAQ: APXI) ("Company"), a publicly traded special purpose acquisition company, today announced that it received a deficiency letter (the "Letter") on May 30, 2024 from the Listing Qualifications Department of The Nasdaq Stock Market ("Nasdaq"). The Letter notified the Company that since the Company had not yet filed its Annual Report on Form 10-K for the year ended December 31, 2023 (the "Form 10-K") and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 (the "Form 10-Q"), the Company does not comply with Nasdaq's Listing Rule 5250(c)(1) relating to the Company's obligation to file periodic financial reports for continued listing. The Letter further stated that the Company has until July 29, 2024 to submit a plan (the "Plan") to regain compliance with respect to the delinquent reports. The Letter also stated that any staff exemption to allow the Company to regain compliance, if granted, will be limited to a maximum of 180 calendar days from the due date of the Form 10-K, or September 27, 2024.

If Nasdaq does not accept the Plan, the Company will have the opportunity to appeal that decision to the Nasdaq Hearings Panel.

The Company will continue to work with its auditors with the objective of filing the Form 10-K and the Form 10-Q as soon as practicable and will work diligently to submit the Plan promptly and take the necessary steps to regain compliance as soon as practicable.

About APX Acquisition Corp. I 
The Company is a special purpose acquisition company, led by serial SPAC sponsor Kyle Bransfield, formed for the purpose of effecting a business combination with one or more businesses or entities. While the Company may pursue an initial business combination in any industry, The Company intends to focus its search on companies in Spanish-speaking Latin American countries or companies outside of Latin America that provide goods and services to Spanish-speaking markets.

Forward-Looking Statements
This press release includes, and oral statements made from time to time by representatives of the Company may include, "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements regarding possible business combinations and the financing thereof, and related matters, as well as all other statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and similar expressions, as they relate to the Company or the Company's management team, identify forward-looking statements. Such forward-looking statements in this press release include, but are not limited to, the Company's expectations about the timing of completion and filing of the Form 10-Q, statements related to the Company's Plan, and timing and actions taken to regain compliance with Nasdaq. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company's filings with the SEC. All subsequent written or oral forward-looking statements attributable to the Company or persons acting on the Company's behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the "Risk Factors" section of the Company's registration statement and final prospectus relating to the Company's initial public offering filed with the SEC. Copies are available on the SEC's website at www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by applicable law.

Contacts:
APx Acquisition Corp. I
Kyle Bransfield
Chief Executive Officer
kyle.bransfield@unionacquisitiongroup.com

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SOURCE APx Acquisition Corp. I

FAQ

What did APXI announce on June 5, 2024?

APXI announced receiving a deficiency letter from Nasdaq for not filing its Annual Report and Quarterly Report.

Why did APXI receive a deficiency letter from Nasdaq?

APXI received the letter for not filing its Annual Report for the year ending December 31, 2023, and its Quarterly Report for the quarter ending March 31, 2024.

What is the deadline for APXI to submit a compliance plan?

APXI has until July 29, 2024, to submit a compliance plan to Nasdaq.

What happens if APXI's compliance plan is accepted?

If accepted, APXI has until September 27, 2024, to regain compliance with Nasdaq's listing requirements.

Can APXI appeal if Nasdaq rejects its compliance plan?

Yes, APXI can appeal the decision to the Nasdaq Hearings Panel if its compliance plan is rejected.