Company: VMCWF
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023470
Chunk: 61

Company: Valuence Merger Corp. I
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 8
Chunk 61
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 Company held an extraordinary general meeting (the “May 2023 Meeting”), where shareholders approved, among
other things, an amendment to the Articles to extend the date by which the Company must consummate a Business Combination (the “Combination
Period”) from June 3, 2023 to September 3, 2023 and to allow the Company, without another shareholder vote, by resolution of the
Board of Directors of the Company (the “Board of Directors”), to elect to further extend the Combination Period in one-month
increments up to eighteen (18) additional times, or a total of up to thirty-six (36) months after the Initial Public Offering, until
up to March 3, 2025. In connection with such extensions to the Combination Period, the Sponsor or its designees was required to deposit
into the Trust Account, as a loan, $420,000 for the extension to September 3, 2023 and $140,000 for each monthly extension thereafter
(each, a “Contribution”).

    6

VALUENCE
MERGER CORP. I

NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

JUNE
30, 2025

The
Company’s shareholders also approved an amendment to the Articles to eliminate (i) the limitation that the Company may not redeem
Public Shares in an amount that would cause the Company’s net tangible assets to be less than $5,000,001 and (ii) the limitation
that the Company shall not consummate a Business Combination unless the Company has net tangible assets of at least $5,000,001 immediately
prior to, or upon consummation of, or any greater net tangible asset or cash requirement that may be contained in the agreement relating
to, such Business Combination. The Company’s shareholders also approved an amendment to the Articles to permit a holder of the
Company’s Class B ordinary shares to convert such shares into Class A ordinary shares on a one-for-one basis at any time and from
time to time prior to the closing of a Business Combination at the election of the holder. In connection with the May 2023 Meeting, holders
of 15,799,245 Class A ordinary shares subject to possible redemption exercised their right to redeem such shares. As a result, the Company
paid $167,831,206 (or $10.62 per share) to the redeeming shareholders. After redemptions the Company had 6,210,718