Company: PMVC
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-003340
Chunk: 150

Company: PMV Consumer Acquisition Corp.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1A
Chunk 150
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voluntarily convert all of its shares of Class A convertible common stock into shares of Class C common stock (the “Class C Conversion”).
Following this conversion, which occurred on November 1, 2024, the Sponsor owned 1,175,000 shares of Class B convertible common stock
and 3,204,200 shares of Class C Common Stock.

In light of the Class C Conversion, and in order
to simplify and better reflect the purpose, capital structure, governance and organizational policies and procedures of the Company, the
Board of Directors of the Company (the “Board”) recommended, and the stockholders approved on September 29, 2023, various
amendments to the Charter, as well as a reverse stock split of all outstanding shares of Class B convertible common stock and Class C
common stock at a ratio of 43.792-to-1 (the “Reverse Stock Split”).  The purpose of the Reverse Stock Split was to decrease
the total number of shares of the Company’s Common Stock outstanding and increase the liquidity and market price of such shares
to approximately $10.00 per share.  The other amendments to the Charter were as follows: (i) the elimination of any and all authorized
shares of Class A convertible common stock,  the renaming of the Class C common stock to Class A common Stock (the “Reclassification”),
and the elimination of any and all authorized shares of Special common stock, (ii) the modification of the rights of the Class B convertible
common stock such that (a) the provisions permitting conversion into shares of Class C common stock were deleted and (b) each holder of
record shall be entitled to ten (10) votes for each share of Class B convertible common stock held, (iii) the deletion of certain provisions
of Article SIXTH of the Charter, including with respect to any references to a business combination and/or the Company’s IPO Trust
Account, as such provisions were previously extinguished in accordance with the terms and conditions of the Charter and were therefore
of no further legal force and effect, and (iv) the deletion of certain provisions of Article SIXTH of the Charter, including the requirement
that the Board be divided into staggered classes for election.  On November 2, 2023, the Company filed a Second Amended and Restated
Certificate of Incorporation, dated November 1, 2023, with the State of Delaware.

Also, the Board recommended, and the stockholders
approved