Company: VMCWF
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010983
Chunk: 11

Company: Valuence Merger Corp. I
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 11
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 Company may not redeem
Public Shares in an amount that would cause the Company’s net tangible assets to be less than $5,000,001 and (ii) the limitation
that the Company shall not consummate a Business Combination unless the Company has 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 the
Company’s 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. 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 5, 2023, in connection with the required Contributions for monthly extensions to the Combination Period and for working capital
purposes, the Company issued a non-interest bearing, unsecured convertible promissory note to the Sponsor in the aggregate principal
amount of $613,207 (the “Sponsor Convertible Promissory Note”) and to Valuence Partners LP in the aggregate principal amount
of $1,650,941 (the “VP Convertible Promissory Note”, and together with the Sponsor Convertible Promissory Note, the “Contribution
Notes”). The Contribution Notes will be repayable by the Company upon the earlier of (i) consummation of a Business Combination
and (ii) the date of the liquidation of the Company (the “Maturity Date”). Up to an aggregate of $1.5 million of the Contribution
Notes and any other convertible notes issued to the Sponsor or its affiliates may be converted into warrants of the post-Business Combination
entity at a price of $1.50 per warrant at