Company: VMCWF
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023470
Chunk: 23

Company: Valuence Merger Corp. I
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 23
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. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within
the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control)
are classified in temporary equity. At all other times, ordinary shares are classified as shareholders’ equity (deficit). The Company’s
Public Shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence
of uncertain future events. Accordingly, at June 30, 2025 and December 31, 2024, the Public Shares are presented at redemption value
as temporary equity, outside of the shareholders’ deficit section of the Company’s balance sheets.

In
connection with the May 2023 Meeting, shareholders holding 15,799,245 Class A ordinary shares exercised their right to redeem their shares
for a pro rata portion of the funds in the Trust Account. As a result, approximately $167.8 million (approximately $10.62 per ordinary
share) was removed from the Trust Account to pay such holders and approximately $65.7 million remained in the Trust Account. Following
redemptions, the Company had 6,210,718 Class A ordinary shares subject to redemption outstanding.

In
connection with the June 2024 Meeting, shareholders holding 4,343,316
Class A ordinary shares exercised their right to redeem their shares for a pro rata portion of the funds in the Trust Account. As a
result, approximately $49.9
million (approximately $11.49
per ordinary share) was removed from the Trust Account to pay such holders. After the satisfaction of such redemptions, the balance
in the Company’s Trust Account was approximately $22.7
million as of June 30, 2025. Following redemptions, the Company had 1,867,402
Class A ordinary shares subject to redemption outstanding.

    10

VALUENCE
MERGER CORP. I

NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

JUNE
30, 2025

The
Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable Class A ordinary
shares to equal the redemption value at the end of each reporting period. This method would view the end of the reporting period as if
it were also the redemption date for the security. Increases or decreases in the carrying amount of redeemable Class A ordinary shares