Company: VMCWF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001827
Chunk: 7

Company: Valuence Merger Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 7
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, 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.

On
June 4, 2024, the Company issued a convertible promissory note to the Sponsor, in the principal amount of $300,000 (the “June 2024
Note”). The June 2024 Note bears no interest and is repayable in full upon the earlier of (a) the date of the consummation of the
Company’s initial Business Combination or (b) the Maturity Date. If the Company does not consummate an initial Business Combination
by the Maturity Date, the June 2024 Note will be repaid only from funds held outside of the Trust Account established in connection with
the Company’s Initial Public Offering or will be forfeited, eliminated or otherwise forgiven. Upon maturity, the outstanding principal
balance of the June 2024 Note may be converted into warrants, at a price of $1.50 per warrant, at the option of the Sponsor, provided
that the maximum aggregate conversion of all convertible notes issued to the Sponsor or its affiliates may not exceed $1.5 million. Such
warrants will have terms identical to the Private Placement Warrants issued to the Sponsor in a private placement that closed simultaneously
with the Company’s Initial Public Offering. On June 4, 2024, the Company borrowed $300,000 under the June 2024 Note, which was
outstanding as of December 31, 2024.

Also
on June 4, 2024, the Company deposited $56,022 into the Trust Account for the extension of the Combination Period from June 3, 2024 to
August 3, 2024. With respect to each subsequent extension to an Additional Extended Date, the Company deposited an additional $28,011
into the Trust Account. As of the date of this Annual Report, the Company, with the approval by the Board of Directors, caused to be
deposited a total of $560,110 into our Trust Account which includes Contributions and New Contributions through the present.

We
have until April 3, 2025 to complete our initial Business