APx Acquisition Corp. I is a SPAC — a blank check company with no operations, revenue, or employees beyond two executives. APx raised $172.5M in its December 2021 IPO, holding those proceeds in trust to fund an eventual acquisition of a private company. Through multiple extension votes since early 2023, the vast majority of original public shareholders have redeemed their shares, shrinking the trust from ~$176M at IPO to a small fraction of that today. APx is currently pursuing a merger with OmnigenicsAI, a Cayman Islands company, under a Business Combination Agreement signed in March 2024. The deal's original outside date has passed without closing, the APx Class A shares have been delisted from Nasdaq and now trade OTC, and the company has extended its deal deadline to December 9, 2025. APx has essentially no working capital outside the trust ($120 in cash as of year-end 2024), and has funded operations through promissory notes from its sponsors. The trust currently holds approximately $12.05 per public share, which shareholders may redeem if they choose not to participate in the deal. Closing requires Nasdaq approval of OmnigenicsAI's listing application, shareholder approval, and at least $5M in net tangible assets — conditions that remain unresolved. A backstop agreement ensures a minimum of $10M in cash at closing if redemptions deplete available funds below that level.