Company: PMVC
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001213900-25-107610
Chunk: 266

Company: PMV Consumer Acquisition Corp.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 4
Chunk 266
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sale of certain securities, which are referred to as “covered securities.” Because they have been delisted, our securities
would not be covered securities and we would be subject to regulation in each state in which we offer our securities. This state level
regulation introduces additional compliance requirements for brokers to consider making markets in our securities and will further negatively
impact any trading liquidity in our securities.

Item
2. Unregistered Sales of Equity Securities and Use of Proceeds.

On
March 20, 2020, the Sponsor purchased 3,593,750 shares of Class B convertible common stock, the “Founder Shares”, for an
aggregate purchase price of $25,000, or approximately $0.007 per share. On August 3, 2020, the Company effected a 1.4-for-1 forward stock
split of its issued and outstanding shares of Class B convertible common stock, resulting in an aggregate of 5,031,250 Founder Shares
being issued and outstanding. The Underwriters’ over-allotment option expired unutilized resulting in 656,250 shares of Founder
Shares being forfeited. As of September 30, 2025 and December 31, 2024, 26,831 (restated for reverse stock split) Founder Shares were
issued and outstanding. The foregoing issuance was made pursuant to the exemption from registration contained in Section 4(a)(2) of the
Securities Act.

On
September 24, 2020, we consummated the Initial Public Offering of 17,500,000 Units, which did not include the full or partial exercise
by the underwriters of the over-allotment option to purchase an additional 2,625,000 Units, at $10.00 per Unit. The securities in the
offering were registered under the Securities Act on registration statements on Form S-1 (No. 333-241670). The Securities and Exchange
Commission declared the registration statements effective on September 21, 2020.

Simultaneously
with the closing of the Initial Public Offering, the Company consummated the sale of 6,150,000 warrants at a price of $1.00 per Private
Warrant in a private placement to PMV Consumer Acquisition Holdings Company, LLC, generating gross proceeds of $6,150,000. The issuance
was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act.

The
Private Warrants are