Company: VMCWF
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023515
Chunk: 98

Company: Valuence Merger Corp. I
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 98
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 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 September 30, 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.

20

Results
of Operations

As
of September 30, 2025, we have not commenced any operations. All activity through September 30, 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 September 30, 2025, we had a net income of $156,241, which consisted of interest earned on investments held in
the Trust Account of $187,803, offset by operating costs of $31,562.

For
the nine months ended September 30, 2025, we had a net income of $239,933, which consisted of interest earned on investments held in
the Trust Account of $554,482, offset by operating costs of $314,