Company: VMCWF
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023515
Chunk: 110

Company: Valuence Merger Corp. I
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 2
Chunk 110
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. As a result, the Company paid $49,900,380 (or $11.49
per share) to the redeeming shareholders. After redemptions the Company had 1,867,402 Class A ordinary shares subject to possible redemption
outstanding.

Convertible
Promissory Notes

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 and to Valuence Partners LP in the aggregate principal amount of $1,650,941. 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. Such
loans may be converted into warrants of the post-Business Combination entity at the option of the payees, which shall have terms identical
to the Private Placement Warrants. If the Company does not consummate a Business Combination by the end of the Combination Period, the
outstanding principal amount of the Contribution Notes will be repaid only from funds held outside of the Trust Account or will be forfeited,
eliminated or otherwise forgiven. The Contribution Notes were accounted for using the bifurcation method and it was determined that the
conversion feature had no value and the Contribution Notes were recorded at par value. As of September 30, 2025 and December 31, 2024,
$613,207 is outstanding under the Sponsor Convertible Promissory Note and $1,650,941 has been borrowed against VP Convertible Promissory
Note.

On
June 4, 2024, the Company issued the June 2024 Note to the Sponsor, in the principal amount of $300,000. The June 2024 Note bears 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,