APx Acquisition Corp. I (NASDAQ:APXI) announced in an 8-K this afternoon that it has sold the majority of its sponsor economics to Templar LLC and its designees.

As a part of the purchase agreement, the sponsor will transfer 3,342,188 of the company’s class B ordinary shares and 6,936,250 private placement warrants to Templar. The sponsor will retain 970,312 founder shares and 3,342,188 placement warrants.

As a result, the SPAC has introduced a change in management and the board. Kyle Bransfield will replace Daniel Braatz as Chairman and CEO, effective upon the closing, with Mr. Braatz remaining as a director on the board. Xavier Martinez tendered his resignation as CFO and Angel Losada Moreno, David Proman and Diego Dayenoff will tender their resignations as directors, to be effective upon the later of the expiration of all applicable waiting periods and the appointment of their successors to be designated by the purchaser.

On September 7, shareholders approved a proposal to extend the SPAC’s timeline up to three months for an additional one month each time from September 9, to December 9. Templar deposited $125,000 into the trust to support the first extension from September 9 to October 9 and will deposit an additional $125,000 for each successive month that is needed to complete a deal.

At the meeting, 757,463 shares were tendered for redemption, leaving 10,111,620 shares. As a result, $8,248,772.07 will be removed from the trust, leaving APx with $63,340,058 remaining in its account.

APx announced the pricing of its $150 million IPO in December 2021. It has not found a target to combine with just yet, but it originally set out to combine with businesses in Mexico, Spanish-speaking Latin America, and Hispanic businesses in the United States.