Company: VMCWF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001827
Chunk: 271

Company: Valuence Merger Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 271
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. 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 15,799,245 Class A ordinary shares subject to possible redemption exercised their right to redeem such
shares. As a result, the Company paid $167,831,206 (or $10.62 per share) to the redeeming shareholders. After redemptions the Company
had 6,210,718 Class A ordinary shares subject to possible redemption outstanding. The Company, with the approval by the Board of Directors,
extended the Combination Period to June 3, 2024 and caused to be deposited an additional $1,680,000 into the Company’s Trust Account.

On
June 3, 2024, the Company held the June 2024 Meeting, where shareholders approved an amendment to the Articles to extend the Combination
Period from June 3, 2024 for an initial two month period to August 3, 2024 and to permit the Company, without another shareholder vote,
by resolution of the Board of Directors to elect to further extend such date up to nineteen (19) additional times for an additional one
(1) month each time, up to March 3, 2026, provided that the Sponsor or its designees deposit into the Trust Account (i) on June 4, 2024,
with respect to the initial extension, an amount equal to the lesser of (x) $60,000 or (y) $0.03 per public share multiplied by the number
of Public Shares outstanding and (ii) one business