Company: VMCWF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001827
Chunk: 311

Company: Valuence Merger Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 311
---
 Proceeds from convertible promissory notes - sponsor 
     300,000  
     613,207 
  
    Proceeds from convertible promissory note - related party 
     —  
     1,650,941 
  
    Payment of offering costs 
     —  
     (70,000)
  
    Redemption of ordinary shares 
     (49,900,380) 
     (167,831,206)
  
    Net cash used in financing activities 
     (48,790,380) 
     (165,637,058)

    Net Change in Cash 
     (623,779) 
     365,615 
  
    Cash – Beginning of year 
     684,816  
     319,201 
  
    Cash – End of year 
    $61,037  
    $684,816 

The
accompanying notes are an integral part of these financial statements.

F-6

VALUENCE
MERGER CORP. I

NOTES
TO FINANCIAL STATEMENTS

DECEMBER
31, 2024

NOTE
1 - DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS

Valuence
Merger Corp. I (the “Company”) is a blank check company incorporated as a Cayman Islands exempted company on August 27, 2021.
The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization
or similar business combination with one or more businesses or entities (a “Business Combination”).

The
Company is not limited to a particular industry or sector for purposes of consummating a Business Combination. However, the Company intends
to concentrate its efforts in identifying a potential Business Combination partner that is based in Asia (excluding China, Hong Kong
and Macau) and who is developing breakthrough technology in life sciences and/or advancing a platform for sustainable technology. The
Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early
stage and emerging growth companies.

As
of December 31, 2024, the Company had not commenced any operations. All activity for the period from August 27, 2021 (inception) through
December 31, 2024 relates to the Company’s formation, the initial public offering (“Initial Public Offering”), and
subsequent to the Initial Public Offering, identifying a