Company: VMCWF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001827
Chunk: 198

Company: Valuence Merger Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 198
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3, 2025. The extension to the Combination Period required a $420,000
deposit into the Trust Account by the Contributors and the election to further extend the Combination Period requires us to (i) cause
the deposit of $140,000 each month into the Trust Account and (ii) approve the extension by the resolution of the Board of Directors.

On
June 3, 2024, we held the June 2024 Meeting, where shareholders approved an amendment to our Articles to further extend the date by which
the Company must consummate our initial Business Combination from June 3, 2024 for an initial two month period to August 3, 2024 and
to allow us, without another shareholder vote, by resolution of the Board of Directors, to elect to further extend the Combination Period
until up to March 3, 2026. The extension to the Combination Period required the Sponsor or its designees deposit into the Trust Account
(i) on June 4, 2024, with respect to the initial extension, an amount equal to the lesser of (x) $60,000 or (y) $0.03 per public share
multiplied by the number of Public Shares outstanding and (ii) one business day following the public announcement by the Company that
the Board of Directors has elected to further extend such date for an additional month, an amount equal to (x) $30,000 or (y) $0.0015
per public share multiplied by the number of Public Shares outstanding. Our Board of Directors has discretion to decide if we will not
further extend the Combination Period.

25

If
we have not completed our initial Business Combination within the Combination Period, we will: (i) cease all operations except for the
purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares,
at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (which
interest shall be net of taxes payable, and less up to $100,000 of interest to pay dissolution expenses and net of taxes payable) divided
by the number of then outstanding Public Shares, which redemption will completely extinguish Public Shareholders’ rights as shareholders
(including the right to receive further liquidation distributions, if any), subject to applicable law, and (iii) as promptly as reasonably
possible following such redemption, subject to the approval of our