Company: VMCWF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001827
Chunk: 338

Company: Valuence Merger Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 338
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 shares are entitled to one vote for each share. On June 3, 2024, pursuant to the terms of the Articles, the Sponsor and
Valuence Partners LP elected to convert an aggregate of 5,502,488 Class B ordinary shares held by them on a one-for-one basis into Class
A ordinary shares. At December 31, 2024 and 2023,
there were 7,369,890 and 6,210,718 Class A ordinary shares issued and outstanding, which included 1,867,402 and 6,210,718 ordinary shares
subject to redemption, respectively.

Class
B ordinary shares -  The Company is authorized to issue 20,000,000 Class B ordinary shares, with a par value of
$0.0001 per share. Holders of the Class B ordinary shares are entitled to one vote for each share. The Founder Shares included an aggregate
of up to 750,000 shares subject to forfeiture if the over-allotment option is not exercised by the underwriters in full. On March 8,
2022, the underwriters partially exercised their over-allotment option resulting in 502,490 Class B ordinary shares no longer subject
to forfeiture. On April 14, 2022, the over-allotment option expired, and 247,510 Class B ordinary shares were forfeited. On June 3, 2024,
pursuant to the terms of the Articles, the Sponsor and Valuence Partners LP elected to convert an aggregate of 5,502,488 Class B ordinary
shares held by them on a one-for-one basis into Class A ordinary shares. At December 31, 2024 and 2023, there were 2 and 5,502,490 Class
B ordinary shares issued and outstanding, respectively.

Holders
of Class A ordinary shares and Class B ordinary shares will vote together as a single class on all other matters submitted to a vote
of shareholders, except as required by law.

The
Class B ordinary shares will automatically convert into Class A ordinary shares at the time of a Business Combination or earlier at the
option of the holders thereof at a ratio such that the number of Class A ordinary shares issuable upon conversion of all Founder Shares
will equal, in the aggregate, on an as-converted basis, 20% of the sum of (i) the total number of ordinary shares issued and outstanding
upon completion of the Initial Public Offering