Company: VMCWF
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023515
Chunk: 46

Company: Valuence Merger Corp. I
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 46
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We
intend to use substantially all of the funds held in the Trust Account, including any amounts representing interest earned on the Trust
Account (less taxes payable), to complete our Business Combination. To the extent that our capital stock or debt is used, in whole or
in part, as consideration to complete our Business Combination, the remaining proceeds held in the Trust Account will be used as working
capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.

Extraordinary
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,