Company: VMCWF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001827
Chunk: 1649

Company: Valuence Merger Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 16
Chunk 1649
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 at any time and from time to time prior to the closing of a Business Combination at the election of the holder.
In connection with the May 2023 Meeting, holders of 15,799,245 Class A ordinary shares subject to possible redemption exercised their
right to redeem such shares. As a result, the Company paid $167,831,206 (or $10.62 per share) to the redeeming shareholders. After redemptions
the Company had 6,210,718 Class A ordinary shares subject to possible redemption outstanding. The Company, with the approval by the Board
of Directors, extended the Combination Period to June 3, 2024 and caused to be deposited an additional $1,680,000 into the Company’s
Trust Account.

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 (the “Sponsor Convertible Promissory Note”) and to Valuence Partners LP in the aggregate principal amount
of $1,650,941 (the “VP Convertible Promissory Note”, and together with the Sponsor Convertible Promissory Note, the “Contribution
Notes”). 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 (the “Maturity Date”). 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 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.

    F-9

On
March 1, 2024, the Company entered into Amendment No.