Company: VMCWF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001827
Chunk: 723

Company: Valuence Merger Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 5
Chunk 723
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account.

On
June 14, 2023, the Listing Qualifications Department of the Nasdaq Stock Market, LLC (“Nasdaq”) notified the Company
that the Company was not in compliance with Nasdaq’s minimum $1,000,000 aggregate market value of warrants
requirement set forth in Listing Rule 5452(b)(C).

On June 3, 2024, the Company held an extraordinary general meeting (the
“June 2024 Meeting”), where shareholders approved an amendment to the Articles to extend the Combination Period from
June 3, 2024 for an initial two month period to August 3, 2024 and to permit the Company, without another shareholder vote, by
resolution of the Board of Directors to elect to further extend such date up to nineteen (19) additional times for an additional one
(1) month each time, up to March 3, 2026, provided that the Sponsor or its designees deposit into the Trust Account (i)
on June 4, 2024, with respect to the initial extension, an amount equal to the lesser of (x) $60,000 or (y) $0.03 per public share
multiplied by the number of Public Shares outstanding and (ii) one business day following the public announcement by the Company
that the Board of Directors has elected to further extend such date for an additional month, an amount equal to the lesser of (x)
$30,000 or (y) $0.015 per public share multiplied by the number of Public Shares outstanding (the “New
Contributions”). In connection with the June 2024 Meeting, holders of 4,343,316
Class A ordinary shares subject to possible redemption exercised their right to redeem such shares. 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.

In
connection with the June 2024 Meeting, on June 3, 2024, the Company entered into a non-redemption agreement (the “Non-Redemption
Agreement”) with an existing shareholder of the Company (the “Non-Redeeming Shareholder”) and the Sponsor. Pursuant
to the Non-Redemption Agreement, the Non-Redeeming Shareholder agreed not to redeem a number of Class A ordinary shares of