Company: PMVC
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001213900-25-043278
Chunk: 28

Company: PMV Consumer Acquisition Corp.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 28
---
 debt in connection with such transaction.
In addition, following a transaction, if cash on hand is insufficient, we may need to obtain additional financing in order to meet our
obligations.

18

Off-Balance Sheet Arrangements

We did not have any off-balance sheet arrangements
as of March 31, 2025.

Contractual Obligations

We do not have any long-term debt, capital lease
obligations, operating lease obligations or long-term liabilities, other than an agreement to pay an affiliate of the Sponsor a monthly
fee of $10,000 for office space, utilities and secretarial and administrative support. We began incurring these fees on September 24,
2020, and will continue to incur these fees monthly for the foreseeable future.

On August 22, 2022, UBS agreed to waive its entitlement
to the deferred underwriting commission of $4,593,750 to which it became entitled upon completion of the Company’s Initial Public
Offering, subject to the consummation of a transaction. Thereafter, on December 27, 2022, in accordance with the provisions of its charter,
the Company announced the completion of the redemption of its outstanding shares of Class A convertible common stock subject to redemption
(the “Class A IPO Shares”), which resulted in the forfeiture of the remaining $1,531,250 of deferred underwriting fees. Following
the completion of the redemption of the Class A IPO Shares, the IPO Trust Account was terminated in complete liquidation of the assets
held in trust, and the relevant provisions of the Company’s charter, including with respect to any business combination and the
IPO Trust Account, were extinguished and are of no further legal force and effect. As a result, the Company derecognized the entire deferred
underwriting fee payable of $6,125,000 and recorded $5,815,688 of the forgiveness of the deferred underwriting fee allocated to Public
Shares to accumulated earnings (deficit) and the remaining balance of $309,312 was as a gain from extinguishment of liability allocated
to warrant liabilities. As of March 31, 2025 and December 31, 2024, the deferred underwriting fee payable is $0.

Critical Accounting Policies and Estimates

The preparation of the unaudited condensed financial
statements and related disclosures in conformity with accounting principles generally accepted in the United States of America requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities,