Company: VMCWF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001827
Chunk: 992

Company: Valuence Merger Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 8
Chunk 992
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 could be “deemed issued” for purposes of the conversion adjustment if such shares
are issuable upon the conversion or exercise of convertible securities, warrants or similar securities.

With
certain limited exceptions, the Founder Shares are not transferable, assignable or salable (except to our officers and directors and
other persons or entities affiliated with our Initial Shareholders, each of whom will be subject to the same transfer restrictions) until
the earlier of (A) one year after the completion of our initial Business Combination or (B) subsequent to our initial Business Combination,
(x) if the last sale price of the Class A ordinary shares equal or exceed $12.00 per share (as adjusted for share sub-divisions, share
capitalizations, rights issuances, subdivisions, reorganizations, recapitalizations and the like) for any 20 trading days within any
30-trading day period commencing at least 150 days after our initial Business Combination, or (y) the date following the completion of
our initial Business Combination on which we complete a liquidation, merger, capital stock or share exchange, reorganization or other
similar transaction that results in all of our Public Shareholders having the right to exchange their Class A ordinary shares for cash,
securities or other property.

On
June 3, 2024, pursuant to the terms of the Articles, the Sponsor and Valuence Partners LP elected to convert an aggregate of 5,502,488
Class B ordinary shares held by them on a one-for-one basis into Class A ordinary shares, with immediate effect. Following such conversion,
the Company had an aggregate of 7,369,890 Class A ordinary shares issued and outstanding and 2 Class B ordinary shares issued and outstanding.

71

Private
Placement Warrants

Simultaneously
with the closing of the Initial Public Offering, the Sponsor, together with Valuence Partners LP, an investment fund affiliated with
the Sponsor, purchased an aggregate of 6,666,667 Private Placement Warrants, consisting of 2,666,667 Private Placement Warrants to the
Sponsor and 4,000,000 Private Placement Warrants to Valuence Partners LP, at a price of $1.50 per Private Placement Warrant, for an aggregate
purchase price of $10,000,000. On March 8, 2022, in connection with the underwriters’ election to partially exercise their over-allotment
option, the Company sold an additional 267,995 Private