Company: VMCWF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001827
Chunk: 886

Company: Valuence Merger Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 7
Chunk 886
---
 temporary equity, outside of the shareholders’ deficit
section of the Company’s balance sheets.

In
connection with the May 2023 Meeting, shareholders holding 15,799,245 Class A ordinary shares exercised their right to redeem their shares
for a pro rata portion of the funds in the Trust Account. As a result, approximately $167.8 million (approximately $10.62 per ordinary
share) was removed from the Trust Account to pay such holders and approximately $65.7 million remained in the Trust Account. Following
redemptions, the Company had 6,210,718 Class A ordinary shares outstanding.

In
connection June 2024 Meeting, shareholders holding 4,343,316 Class A ordinary shares exercised their right to redeem their shares for
a pro rata portion of the funds in the Trust Account. As a result, approximately $49.9 million (approximately $11.49 per ordinary share)
was removed from the Trust Account to pay such holders. After the satisfaction of such redemptions, the balance in the Company’s
Trust Account was approximately $21.9 million as of December 31, 2024. Following redemptions, the Company had 1,867,402 Class A ordinary
shares subject to redemption outstanding.

The
Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable Class A ordinary
shares to equal the redemption value at the end of each reporting period. This method would view the end of the reporting period as if
it were also the redemption date for the security. Increases or decreases in the carrying amount of redeemable Class A ordinary shares
are affected by charges against additional paid-in capital and accumulated deficit.

    F-13

At
December 31, 2024 and 2023, the Class A ordinary shares reflected in the balance sheets are reconciled in the following table:

 SCHEDULE OF ORDINARY CLASS OF SHARES 

    Class A ordinary shares subject to possible redemption, at redemption
    value, December 31, 2022 
    $229,949,989 
  
    Less: 

    Redemption of shares 
     (167,831,206)
  
    Plus: 

    Accretion of Class A ordinary shares subject to possible redemption 
     7,143,555 
  
    Class A ordinary shares subject to possible redemption, at redemption value, December 31, 2023 
     69,262,338 
  
    Less