Company: VMCWF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001827
Chunk: 1383

Company: Valuence Merger Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 11
Chunk 1383
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 Public Shareholders,
except that (i) holders of the Founder Shares have the right to vote on the appointment of our directors prior to our initial Business
Combination, (ii) the Founder Shares are subject to certain transfer restrictions, as described in more detail below, and (iii) our Initial
Shareholders, officers and directors have entered into a letter agreement with us, pursuant to which they have agreed (A) to waive their
redemption rights with respect to their Founder Shares and Public Shares in connection with the completion of our initial Business Combination
and (B) to waive their rights to liquidating distributions from the Trust Account with respect to their Founder Shares if we fail to
complete our initial Business Combination within the Combination Period, although they will be entitled to liquidating distributions
from the Trust Account with respect to any Public Shares they hold if we fail to complete our initial Business Combination within such
time period and (iv) the Founder Shares will automatically convert into Class A ordinary shares at the time of our initial Business Combination,
or earlier at the option of the holder, on a one-for-one basis, subject to adjustment pursuant to certain anti-dilution rights, as described
herein and in our Articles. Our Initial Shareholders have agreed that, subject to applicable law, neither of our Initial Shareholders
will vote its Founder Shares to change the size of our Board of Directors or, without the other’s consent, with respect to appointment
of directors. If we submit our initial Business Combination to our Public Shareholders for a vote, our Initial Shareholders, officers
and directors have agreed (and 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