Company: VMCWF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001827
Chunk: 211

Company: Valuence Merger Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 211
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 provisions of our Articles may only be amended by a special resolution passed by at least
90% of our ordinary shares voting in a general meeting As a result, holders of Public Shares will not have any influence over the appointment
of directors prior to our initial Business Combination.

If
we are deemed to be an investment company under the Investment Company Act, we may be required to institute burdensome compliance requirements
and our activities may be restricted, which may make it difficult for us to complete our initial Business Combination or force us to
abandon our efforts to complete an initial Business Combination.

If
we are deemed to be an investment company under the Investment Company Act, our activities may be restricted, including:

    ●
    restrictions
    on the nature of our investments; and

    ●
    restrictions
    on the issuance of securities, each of which may make it difficult for us to complete our initial Business Combination. In addition,
    we may have imposed upon us burdensome requirements, including:

    ○
    registration
    as an investment company;

    ○
    adoption
    of a specific form of corporate structure; and

    ○
    reporting,
    record keeping, voting, proxy and disclosure requirements and other rules and regulations.

In
order not to be regulated as an investment company under the Investment Company Act, unless it can qualify for an exclusion, a company
must ensure that it is engaged primarily in a business other than investing, reinvesting or trading of securities and that its activities
do not include investing, reinvesting, owning, holding or trading “investment securities” constituting more than 40% of our
assets (exclusive of U.S. government securities and cash items) on an unconsolidated basis.

31

The
SEC recently provided guidance that the determination of whether a SPAC, like us, is an “investment company” under the Investment
Company Act is a facts and circumstances determination requiring individualized analysis and depends on a variety of factors, including
a SPAC’s duration, asset composition, business purpose and activities. When applying these factors to us we do not believe that
our principal activities will subject us to the Investment Company Act. To this end, the Company was formed for the purpose of completing
an initial Business Combination with one or more businesses. Since our inception, our business has been and will continue to be focused
on identifying and completing an initial Business Combination, and thereafter, operating the post-transaction business for the long term.
Further