Company: PMVC
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-003340
Chunk: 703

Company: PMV Consumer Acquisition Corp.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 7A
Chunk 703
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175,000 shares of Class B convertible common stock.

The Class B convertible common stock is identical
to the Class A common stock except that (i) each share of Class B convertible common stock shall be entitled to ten (10) votes at any
annual or special meeting of stockholders or in the case of any written consent of stockholders in lieu of a meeting and for all purposes,
and (ii) the Class B convertible common stock has the exclusive right to elect, replace and remove the directors of the Company. Holders
of Class B convertible common stock may also elect to convert their shares of Class B convertible common stock into an equal number of
shares of Class A common stock, subject to adjustment as provided above, at any time.

On February 27, 2023, the Sponsor purchased 204,200
shares of Class C common stock from a Holder, which were comprised of (i) 4,200 shares of Class C common stock, which were issued on a
one-for-one basis for the number of shares of Class A convertible common stock of the Company previously 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,