Company: PMVC
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-003340
Chunk: 158

Company: PMV Consumer Acquisition Corp.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1A
Chunk 158
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 redeemed from the Holder, and
(ii) 200,000 shares of Class C common stock, which represent the Holder’s pro rata share of the Class C common stock that were held
in the Trust Account, for an aggregate purchase price of $42,000.

On November 1, 2023, the Sponsor voluntarily elected
to convert all of its shares of Class A convertible common Stock into shares of Class C common stock (the “Class C Conversion”),
which upon completion the Class C common stock was renamed Class A common stock.

F-12

PMV CONSUMER ACQUISITION CORP.
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2024

NOTE 3. RELATED PARTY TRANSACTIONS (CONT.)

Administrative Support Agreement

The Company entered into an agreement whereby,
commencing September 24, 2020, the Company will pay an affiliate of the Sponsor a total of $10,000 per month for office space, utilities
and secretarial and administrative support. For each of the years ended December 31, 2024 and 2023, the Company incurred fees for these
services of $120,000 and $120,000 respectively. Administrative support fees included in accounts payable – related party in the
accompanying balance sheets at December 31, 2024 and 2023, were $512,000 and $392,000, respectively.

Cash and Cash Equivalents

At December 31, 2024 and 2023, the Company held
$1,083,831 and $1,067,915, respectively, in the Gabelli U.S. Treasury Money Market Fund, which is recorded in cash and cash equivalents
on the balance sheets. The Gabelli U.S. Treasury Money Market Fund is an open-ended money market fund with published daily net asset values
(“NAV”), in which case the Company uses NAV as a practical expedient to fair value. The NAV on this investment is held constant
at $1.00 per unit.

NOTE 4. COMMITMENTS AND CONTINGENCIES

Risks and Uncertainties

United States and global markets are experiencing
volatility and disruption following the geopolitical instability resulting from the ongoing Russia-Ukraine conflict and the Israel-Hamas
conflict. In response to the ongoing Russia-Ukraine conflict, the North Atlantic Treaty Organization (“NATO”) deployed additional
military forces to eastern Europe, and the United States, the United Kingdom, the European Union