Company: VMCWF
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023515
Chunk: 9

Company: Valuence Merger Corp. I
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 9
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4, 2021, the Sponsor paid $25,000 to cover certain offering costs of the
Company in consideration for 5,750,000 Class B ordinary shares, par value $0.0001 per share (the “Class B ordinary shares”
or the “Founder Shares”). The Founder Shares included an aggregate of up to 750,000 shares that were subject to forfeiture
depending on the extent to which the underwriters’ over-allotment option was exercised, so that the number of Founder Shares would
equal, on an as-converted basis, approximately 20% of the Company’s issued and outstanding ordinary shares after the Initial Public
Offering (assuming each of the Sponsor and Valuence Partners LP did not purchase any Public Shares in the Initial Public Offering). Simultaneously
with the closing of the Initial Public Offering, the Sponsor transferred 1,200,000 Founder Shares to Valuence Partners LP, an investment
fund affiliated with the Sponsor. As a result of the underwriters’ election to partially exercise their over-allotment option,
247,510 Class B ordinary shares were forfeited, resulting in the Sponsor and Valuence Partners LP holding an aggregate of 5,502,490 Founder
Shares.

The
Company’s management has broad discretion with respect to the specific application of the net proceeds of the Initial Public Offering
and the sale of the Private Placement Warrants, although substantially all of the net proceeds are intended to be applied generally toward
consummating a Business Combination. The stock exchange listing rules require that the Business Combination must be with one or more
operating businesses or assets with a fair market value equal to at least 80% of the assets held in the Trust Account (excluding the
amount of any deferred underwriting discount held in the Trust Account and taxes payable on the income earned on the Trust Account).
The Company will only complete a Business Combination if the post-Business Combination company owns or acquires 50% or more of the issued
and outstanding voting securities of the target or otherwise acquires a controlling interest in the target business sufficient for it
not to be required to register as an investment company under the Investment Company Act.

    5

VALUENCE
MERGER CORP. I

NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

SEPTEMBER
30, 2025

The
Company will provide the holders of the Public Shares (the “Public Shareholders”) with the opportunity to redeem all or