Company: VMCWF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001827
Chunk: 541

Company: Valuence Merger Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 3
Chunk 541
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 no
interest and is repayable in full upon the earlier of (a) the date of the consummation of the Company’s initial Business Combination
or (b) the date of the Company’s liquidation. If the Company does not consummate an initial Business Combination by the Maturity
Date, the June 2024 Note will be repaid only from funds held outside of the Trust Account or will be forfeited, eliminated or otherwise
forgiven. Upon maturity, the outstanding principal balance of the June 2024 Note may be converted into warrants, at a price of $1.50
per warrant, at the option of the Sponsor, provided that the maximum aggregate conversion of all convertible notes issued to the Sponsor
or its affiliates may not exceed $1.5 million. Such warrants will have terms identical to the Private Placement Warrants. On June 4,
2024, the Company borrowed $300,000 under the June 2024 Note, which was outstanding as of December 31, 2024.

72

Registration
Rights

Pursuant
to a registration rights agreement entered into on February 28, 2022, the holders of the Founder Shares, Private Placement Warrants and
any warrants that may be issued upon conversion of Working Capital Loans (and any Class A ordinary shares issuable upon the exercise
of the Private Placement Warrants and warrants that may be issued upon conversion of the Working Capital Loans) will be entitled to registration
rights. The holders of these securities will be entitled to make up to three demands, excluding short form demands, that the Company
register such securities. In addition, the holders have certain “piggy-back” registration rights with respect to registration
statements filed subsequent to the completion of a Business Combination. The registration rights agreement does not contain liquidating
damages or other cash settlement provisions resulting from delays in registering the Company’s securities. The Company will bear
the expenses incurred in connection with the filing of any such registration statements.

ITEM
14. PRINCIPAL ACCOUNTING FEES AND SERVICES.

The
firm of WithumSmith+Brown, PC (“Withum”) acts as our independent registered public accounting firm. The following is a summary
of fees paid to Withum for services rendered.

Audit
Fees. During the year ended December 31, 2024 and 2023, fees for our independent registered public accounting firm were approximately
$96,720 and $98,800, respectively, for the services Withum performed in connection