Company: VMCWF
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023515
Chunk: 108

Company: Valuence Merger Corp. I
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 2
Chunk 108
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167,831,206. After the satisfaction of such redemptions, the balance in our Trust Account
was approximately $65.7 million. In connection June 2024 Meeting, shareholders holding an aggregate of 4,343,316 Class A ordinary shares
properly exercised their right to redeem their shares for $49,900,380. After the satisfaction of such redemptions, the balance in our
Trust Account was approximately $21,598,622. The balance in our Trust Account was 22,985,208 as of September 30, 2025.

We
intend to use substantially all of the funds held in the Trust Account, including any amounts representing interest earned on the Trust
Account (less taxes payable), to complete our Business Combination. To the extent that our capital stock or debt is used, in whole or
in part, as consideration to complete our Business Combination, the remaining proceeds held in the Trust Account will be used as working
capital to finance the operations of the target business or businesses, make other acquisitions and pursue our growth strategies.

Extraordinary
General Meetings

On
May 25, 2023, the Company held the May 2023 Meeting, where shareholders approved, among other things, an amendment to the Articles to
extend the date by which the Company must consummate a Business Combination from June 3, 2023 to September 3, 2023 and to allow us, without
another shareholder vote, by resolution of our Board of Directors, to elect to further extend the Combination Period in one-month increments
up to eighteen (18) additional times, or a total of up to thirty-six (36) months after the Initial Public Offering, until up to March
3, 2025. In connection with such extensions to the Combination Period, the Sponsor or its designees was required to deposit into the
Trust Account, as a loan, $420,000 for the extension to September 3, 2023 and $140,000 for each monthly extension thereafter. The Company’s
shareholders also approved an amendment to the Articles to eliminate (i) the limitation that we may not redeem Public Shares in an amount
that would cause our net tangible assets to be less than $5,000,001 and (ii) the limitation that we shall not consummate a Business Combination
unless we have net tangible assets of at least $5,000,001 immediately prior to, or upon consummation of, or any greater net tangible