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

Company: Valuence Merger Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 31
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 into with us, our Initial Shareholders, officers and directors have agreed (and their permitted transferees will agree)
to vote any Founder Shares held by them and any Public Shares purchased during or after the IPO in favor of our initial Business Combination.
We expect that at the time of any shareholder vote relating to our initial Business Combination, our Initial Shareholders and their permitted
transferees will own approximately 75% of our issued and outstanding ordinary shares entitled to vote thereon, which is the percentage
owned by our Sponsor and its affiliates as of December 31, 2024. Each Public Shareholder may elect to redeem their Public Shares irrespective
of whether they vote for or against the proposed transaction. Our Initial Shareholders, officers and directors have entered into a letter
agreement with us, pursuant to which they have agreed to waive their redemption rights with respect to their Founder Shares and Public
Shares in connection with the completion of a Business Combination.

Redemptions
of our Public Shares may be subject to a net tangible asset test or cash requirement pursuant to an agreement relating to our initial
Business Combination. For example, the Business Combination may require: (i) cash consideration to be paid to the target or its owners,
(ii) cash to be transferred to the target for working capital or other general corporate purposes or (iii) the retention of cash to satisfy
other conditions in accordance with the terms of the proposed Business Combination. In the event the aggregate cash consideration we
would be required to pay for all Class A ordinary shares that are validly submitted for redemption plus any amount required to satisfy
cash conditions pursuant to the terms of the proposed Business Combination exceed the aggregate amount of cash available to us, we will
not complete the Business Combination or redeem any shares, and all Class A ordinary shares submitted for redemption will be returned
to the holders thereof.

Redemption
of Public Shares and Liquidation If No Initial Business Combination

Our
Articles initially provided that we would have only 15 months (or up to 18 months or 21 months, as applicable) following the effectiveness
of the IPO to consummate our initial Business Combination. However, on May 25, 2023, we held the May 2023 Meeting, where shareholders
approved, among other things, an amendment to our Articles to extend the Combination Period to March 3, 2025. On June 3, 2024, we held
the June 2024 Meeting, where shareholders approved among other things, an amendment to