Company: VMCWF
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023470
Chunk: 45

Company: Valuence Merger Corp. I
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 45
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ordinary
General Meetings

On
May 25, 2023, the Company held 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 from June 3, 2023 to September 3, 2023 and to allow us, without
another shareholder vote, by resolution of our 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. The Company’s
shareholders also approved an amendment to the Articles to eliminate (i) the limitation that we may not redeem Public Shares in an amount
that would cause our net tangible assets to be less than $5,000,001 and (ii) the limitation that we shall not consummate a Business Combination
unless we have 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 our 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. Under Cayman Islands law, the amendments to our Articles took effect upon approval of the Combination Period. 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 Class A ordinary shares subject to possible redemption outstanding. The Company, with the approval by the Board of Directors,
extended the Combination Period to June 3, 2024 and caused to be deposited an additional $1