NASHVILLE, Tenn., Nov. 1, 2024
/PRNewswire/ -- As previously announced, on September 4, 2024, APX Acquisition Corp. I
(NASDAQ: APXI) (the "Company"), received a written
notice from the Listing Qualifications Department of The Nasdaq
Stock Market ("Nasdaq") indicating that since the Company's
aggregate market value of its outstanding warrants was less than
$1 million, the Company was no longer
in compliance with the Nasdaq Global Market continued listing
criteria set forth in Listing Rule 5452(b)(C) (the "Rule"), which
requires the Company to maintain an aggregate market value of its
outstanding warrants of at least $1 million (the "Notice"). The
Company subsequently submitted a plan to regain compliance with the
Rule (the "Compliance Plan").
On October 29, 2024, the Company
received written notice from the Staff (the "November Notice"),
stating that the Compliance Plan was not accepted as the Company
had provided insufficient evidence to demonstrate that it can
effect the Compliance Plan by its 36-month expiration date of
December 6, 2024, at which time the
Company's securities will be delisted from Nasdaq in accordance
with IM-5101-2, irrespective of the Company's progress or lack
thereof toward regaining compliance with the Rule, and that the
Staff had determined to initiate procedures to delist the Company's
warrants (and, as a result of the warrants' inclusion therein, the
Company's units) from Nasdaq due to the Company's
non-compliance.
Pursuant to the Notice, unless the Company requests a hearing to
appeal this determination by November 5,
2024, the Company's warrants and units will be suspended at
the opening of business on November 5,
2024, and a Form 25-NSE will be filed with the SEC, which
will remove the Company's warrants and units from listing and
registration on Nasdaq (the "Warrant/Unit Delisting"). The Company
does not intend to request a hearing. The Warrant/Unit Delisting
does not affect the listing or trading of the Company's Class A
ordinary shares on the Nasdaq Global Market, other than those
contained within the units.
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, statements related
to the Company's remediation 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
