Company: VMCWF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001827
Chunk: 922

Company: Valuence Merger Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 7A
Chunk 922
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 their permitted transferees will agree), pursuant to the terms of a letter agreement entered into with
us, to vote any Founder Shares held by them and any Public Shares purchased during or after the IPO in favor of our initial Business
Combination. Based on the share ownership of our Initial Shareholders as of the date of this Annual Report, we expect that our Initial
Shareholders and their permitted transferees will own approximately 75% of our issued and outstanding ordinary shares at the time of
any such shareholder vote. As a result, our Initial Shareholders can approve the amendment of our Articles without the vote of any holders
of Public Shares. Accordingly, if we seek shareholder approval of our initial Business Combination, it is more likely that the necessary
shareholder approval will be received than would be the case if such persons agreed to vote their Founder Shares in accordance with the
majority of the votes cast by our Public Shareholders.

The
Class B ordinary shares will automatically convert into Class A ordinary shares at the time of our initial Business Combination on a
one-for-one basis, subject to adjustment for share sub-divisions, share capitalizations, reorganizations, recapitalizations and the like,
and subject to further adjustment as provided herein and in our Articles. In the case that additional Class A ordinary shares, or equity-linked
securities, are issued or deemed issued in excess of the amounts sold in the IPO and related to the closing of the Business Combination,
the ratio at which Class B ordinary shares shall convert into Class A ordinary shares will be adjusted (unless the holders of a majority
of the issued and outstanding Class B ordinary shares agree to waive such anti-dilution adjustment with respect to any such issuance
or deemed issuance) so that the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares will equal,
in the aggregate, 20% of the sum of all ordinary shares outstanding upon completion of the IPO plus all Class A ordinary shares and equity-linked
securities issued or deemed issued in connection with the Business Combination (excluding any shares or equity-linked securities issued,
or to be issued, to any seller in the initial Business Combination and any private placement-equivalent warrants issued to our Initial
Shareholders or their affiliates upon conversion of loans made to us). Holders of Founder Shares may also elect to convert their Class
B ordinary shares into an equal number of Class A ordinary shares, subject to adjustment as provided above, at any time. The term “equity-linked
securities” refers