Company: VMCWF
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010983
Chunk: 94

Company: Valuence Merger Corp. I
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 94
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 June 4,
2024, the Company borrowed $300,000 under the June 2024 Note, which was outstanding as of March 31, 2025 and December 31, 2024.

Delisting
from Nasdaq

On
March 4, 2025, the Company received a notice from the staff of the Listing Qualifications Department of Nasdaq stating that because the
Company had not completed an IPO within 36 months of the effective date of its IPO registration statement, it was not in compliance with
Nasdaq listing rule IM 5101-2, and was therefore subject to delisting. Trading in the Company’s securities on Nasdaq was suspended
at the opening of business on March 11, 2025, and trading of the Company’s securities on the over-the-counter market commenced
shortly thereafter.

19

Results
of Operations

As
of March 31, 2025, we have not commenced any operations. All activity through March 31, 2025 relates to our formation. the IPO, and our
search for an initial Business Combination. We will not generate any operating revenues until after the completion of a Business Combination,
at the earliest. We will generate non-operating income in the form of interest income from the proceeds derived from the IPO placed in
the Trust Account.

For
the three months ended March 31, 2025, we had a net income of $24,976 , which consisted of interest earned on investments held in the
Trust Account of $181,347 , offset by operating costs of $156,371.

For
the three months ended March 31, 2024, we had a net income of $588,681, which consisted of interest earned on investments held in the
Trust Account of $846,150, offset by operating costs of $257,469.

Liquidity
and Capital Resources; Going Concern Consideration

As
of March 31, 2025, we had cash of $69,188 and a working capital deficit of $4,442,236.

In
connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standards Board
(“FASB”) Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s
Ability to Continue as a Going Concern,” the Company has until up to March 3, 2026 to consummate a Business Combination or liquidate,
provided that we