Company: PMVC
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-003340
Chunk: 243

Company: PMV Consumer Acquisition Corp.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1C
Chunk 243
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 in any operations nor
generated any revenues to date. Our only activities through December 31, 2024, were organizational activities, those necessary to prepare
for the IPO, described below, and searching for a business opportunity for which to complete transaction. We do not expect to generate
any operating revenues until after the completion of a transaction. We generate non-operating income in the form of interest income on
marketable securities held. We incur expenses as a result of being a public company (for legal, financial reporting, accounting and auditing
compliance), as well as for due diligence expenses.

For the year ended December 31, 2024, we had a
net loss of $156,380, which consists of interest income of $55,916, offset by general and administrative expenses of $176,864, franchise
tax expense of $5,286 and provision for income taxes of $30,146.

For the year ended December 31, 2023, we had a
net loss of $108,141, which consists of the change in the fair value of derivative warrant liabilities of $146,020, interest income of
$51,915, offset by general and administrative expenses of $256,691, franchise tax expense of $13,200 and provision for income taxes of
$36,185.

19

Liquidity and Capital Resources

On September 24, 2020, we consummated the IPO
of 17,500,000 Units at a price of $10.00 per Unit, generating gross proceeds of $175,000,000. Following the IPO, a total of $175,000,000
was placed in the Trust Account. As of December 31, 2022, the Trust Account was fully redeemed.

To the extent that our capital stock or debt is
used, in whole or in part, as consideration to complete a transaction, the remaining cash will be used as working capital to finance operations,
make other acquisitions and pursue our growth strategies.

As of December 31, 2024, we had cash and cash
equivalents of $1,113,786. We intend to use these funds primarily to identify and evaluate potential business opportunities, perform business
due diligence on prospective business opportunities, travel to and from the offices, plants or similar locations associated with prospective
business opportunities, review corporate documents and material agreements related to business opportunities, and structure, negotiate
and complete a transaction.

For the year ended December 31,