Company: VMCWF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001827
Chunk: 3

Company: Valuence Merger Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 3
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), divided by the number of then issued and outstanding Public Shares. The per-share amount
to be distributed to the Public Shareholders who properly redeem their shares will not be reduced by the deferred underwriting commissions
the Company will pay to the underwriters. There will be no redemption rights upon the completion of a Business Combination with respect
to the Company’s warrants.

On
May 25, 2023, the Company held an extraordinary general meeting (the “May 2023 Meeting”), where shareholders approved, among
other things, an amendment to the Company’s Articles to extend the date by which the Company must consummate a Business Combination
(the “Combination Period”) from June 3, 2023 to September 3, 2023 and to allow the Company, without another shareholder vote,
by resolution of the Board of Directors of the Company (the “Board of Directors”), to elect to further extend the Combination
Period in one-month increments up to eighteen (18) additional times, or a total of up to thirty-six (36) months after the Initial Public
Offering (each, an “Additional Extended Date”), until up to March 3, 2025. In connection with such extensions to the Combination
Period, the Sponsor or its designees was required to deposit into the Trust Account, as a loan, $420,000 for the extension to September
3, 2023 and $140,000 for each monthly extension thereafter (each, a “Contribution”). The Company’s shareholders also
approved an amendment to the Articles to eliminate (i) the limitation that the Company may not redeem Public Shares in an amount that
would cause the Company’s net tangible assets to be less than $5,000,001 and (ii) the limitation that we shall not consummate a
Business Combination unless the Company has net tangible assets of at least $5,000,001 immediately prior to, or upon consummation of,
or any greater net tangible asset or cash requirement that may be contained in the agreement relating to, such Business Combination.
The Company’s shareholders also approved an amendment to the Articles to permit a holder of our Class B ordinary shares to convert
such shares into Class A ordinary shares on a one-for-one basis at any time and from time to time prior to the closing of a Business
Combination at the election of the holder. In connection with the May 2023 Meeting, holders of 15,799,245 Class A ordinary shares subject
to possible redemption exercised their right