Company: PMVC
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001213900-25-107610
Chunk: 17

Company: PMV Consumer Acquisition Corp.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 1
Chunk 17
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 funds, could have a significant adverse impact on the Company’s financial condition, results of operations, and cash flows.

Fair
Value of Financial Instruments

Excluding
the warrant liability, the fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC 820,
“Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the accompanying condensed balance
sheets, primarily due to their short-term nature.

Recent
Accounting Pronouncements

In
November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280), which improves reportable segment disclosure requirements.
The new standard will require enhanced disclosures about a public company’s significant segment expenses and more timely and detailed
segment information reporting throughout the fiscal period, including for companies with a single reportable segment. The standard became
effective for the Company for the fiscal year ended December 31, 2024, refer to Note 8 for more information. 

Management
does not believe that any other recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a
material effect on the Company’s unaudited condensed interim financial statements.

NOTE
3. RELATED PARTY TRANSACTIONS

On
March 20, 2020, the Sponsor purchased 3,593,750 shares of Class B convertible common stock (the “Founder Shares”) for an
aggregate 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 outstanding, of which an aggregate of up to 656,250 shares were subject
to forfeiture by the Sponsor to the extent that the underwriters’ over-allotment option was not exercised in full or in part so
that the Sponsor would own, on an as-converted basis, 20% of the Company’s issued and outstanding shares after the Initial Public
Offering.

On
November 5, 2020, the over-allotment option expired and was not exercised. Consequently 656,250 Founder Shares were forfeited. Following
the forfeiture, the Sponsor owned 4,375,000 shares of Class B convertible common stock.

On
September 27, 2022, the Company’s Sponsor contributed to the Company an aggregate of 200