Company: VMCWF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001827
Chunk: 160

Company: Valuence Merger Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 160
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 deposited into the Trust Account, bringing the aggregate proceeds
deposited in the Trust Account to $226,702,619.

    F-7

Transaction
costs amounted to $10,718,994, consisting of $4,000,000 of underwriting fees, net of $2,200,996 reimbursed from the underwriters (see
Note 6), $8,105,480 of deferred underwriting fees and $814,510 of other offering costs.

Prior
to the consummation of the Initial Public Offering, on October 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 ac