APx Acquisition Corp. I Reports $3.68 Million Net Loss and Pursues Business Combination with OmnigenicsAI

APx Acquisition Corp. I reported a net loss of $3.68 million for the three months ending March 31, 2025, compared to a net loss of $2.25 million during the same period in 2024. The company's operating expenses decreased significantly to $351,503 from $1.31 million year-over-year, primarily due to reduced professional fees and other operational costs. However, the company experienced a substantial unrealized loss of $3.34 million related to the change in fair value of warrant liabilities, which contributed to the overall increase in net loss.

As of March 31, 2025, APx Acquisition Corp. held total assets of approximately $6.33 million, a slight increase from $6.27 million at the end of 2024. The company’s cash reserves decreased to $72,000 from $120,000, while accrued interest receivable fell significantly from $60,458 to $22,474. The total liabilities surged to $9.91 million, up from $6.17 million, largely due to an increase in warrant liabilities, which rose from $1.41 million to $4.75 million. The company also reported a working capital deficit of $5.17 million, indicating ongoing liquidity challenges.

In terms of strategic developments, APx Acquisition Corp. is actively pursuing a business combination with OmnigenicsAI Corp. and has entered into a Business Combination Agreement. However, the company has faced challenges, including a recent termination of its agreement with MultiplAI Health Ltd., which was initially part of the proposed merger. The company has until December 9, 2025, to complete its business combination, or it will face mandatory liquidation.

Operationally, APx Acquisition Corp. has not yet commenced any revenue-generating activities, as it remains focused on identifying and evaluating potential business combination targets. The company has issued promissory notes to finance transaction costs related to its business combination efforts, with a total outstanding balance of approximately $1.74 million as of March 31, 2025. The company’s management has expressed concerns regarding its ability to meet liquidity needs and complete a business combination within the specified timeframe, raising substantial doubt about its ability to continue as a going concern.

Looking ahead, APx Acquisition Corp. aims to finalize its business combination with OmnigenicsAI, contingent upon shareholder approval and compliance with Nasdaq listing requirements. The company is also focused on improving its internal controls and financial reporting processes to address identified weaknesses. Despite the challenges, management remains committed to pursuing its strategic objectives and enhancing shareholder value through a successful business combination.