Company: VMCWF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001827
Chunk: 1237

Company: Valuence Merger Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 9B
Chunk 1237
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 to convert an aggregate of 5,502,488 Class B ordinary shares held by them on a one-for-one basis into Class
A ordinary shares. At December 31, 2024 and 2023,
there were 7,369,890 and 6,210,718 Class A ordinary shares issued and outstanding, which included 1,867,402 and 6,210,718 ordinary shares
subject to redemption, respectively.

Class
B ordinary shares -  The Company is authorized to issue 20,000,000 Class B ordinary shares, with a par value of
$0.0001 per share. Holders of the Class B ordinary shares are entitled to one vote for each share. The Founder Shares included an aggregate
of up to 750,000 shares subject to forfeiture if the over-allotment option is not exercised by the underwriters in full. On March 8,
2022, the underwriters partially exercised their over-allotment option resulting in 502,490 Class B ordinary shares no longer subject
to forfeiture. On April 14, 2022, the over-allotment option expired, and 247,510 Class B ordinary shares were forfeited. On June 3, 2024,
pursuant to the terms of the Articles, the Sponsor and Valuence Partners LP elected to convert an aggregate of 5,502,488 Class B ordinary
shares held by them on a one-for-one basis into Class A ordinary shares. At December 31, 2024 and 2023, there were 2 and 5,502,490 Class
B ordinary shares issued and outstanding, respectively.

Holders
of Class A ordinary shares and Class B ordinary shares will vote together as a single class on all other matters submitted to a vote
of shareholders, except as required by law.

The
Class B ordinary shares will automatically convert into Class A ordinary shares at the time of a Business Combination or earlier at the
option of the holders thereof at a ratio such that the number of Class A ordinary shares issuable upon conversion of all Founder Shares
will equal, in the aggregate, on an as-converted basis, 20% of the sum of (i) the total number of ordinary shares issued and outstanding
upon completion of the Initial Public Offering, plus (ii) the total number of Class A ordinary shares issued or deemed issued or issuable
upon conversion or exercise of any equity-linked securities or rights issued or deemed issued,