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.