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
