Company: VMCWF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001827
Chunk: 516

Company: Valuence Merger Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 3
Chunk 516
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ifications Department of Nasdaq stating that because the Company had not completed
an IPO within 36 months of the effective date of its IPO registration statement, it was not in compliance with Nasdaq listing rule IM
5101-2, and was therefore subject to delisting. Trading in the Company’s securities on Nasdaq was suspended at the opening of business
on March 11, 2025, and trading of the Company’s securities on the over-the-counter market commenced shortly thereafter.

Results
of Operations

As
of December 31, 2024, we have not commenced any operations. All activity through December 31, 2024 relates to our formation. the IPO,
and our search for an initial Business Combination. We will not generate any operating revenues until after the completion of a Business
Combination, at the earliest. We will generate non-operating income in the form of interest income from the proceeds derived from the
IPO placed in the Trust Account.

For
the year ended December 31, 2024, we had a net income of $2,403,129, which consisted of interest earned on investments held in the Trust
Account of $1,920,591, as well recoveries of previously incurred general and administrative costs of $1,606,332, which offset $1,123,794 of general and administrative costs
incurred in the current period.

For
the year ended December 31, 2023, we had a net income of $4,771,471, which consisted of interest earned on investments held in the Trust
Account of $6,163,554, offset by operating costs of $1,392,083.

61

Liquidity
and Capital Resources; Going Concern Consideration

As
of December 31, 2024, we had cash of $61,037 and a working capital deficit of $4,229,842.

In
connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standards Board
(“FASB”) Accounting Standards Update (“ASU”) 2014-15, “Disclosures of Uncertainties about an Entity’s
Ability to Continue as a Going Concern,” the Company has until up to March 3, 2026 to consummate a Business Combination or liquidate,
provided that we cause to be deposited the New Contributions in connection with each monthly extension of the Combination Period. It
is uncertain that the Company will be able to consummate a Business Combination by this