Company: VMCWF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001827
Chunk: 4

Company: Valuence Merger Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 4
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 to redeem such shares. As a result, the Company paid $167,831,206 (or $10.62 per share)
to the redeeming shareholders. After redemptions the Company had 6,210,718 Class A ordinary shares subject to possible redemption outstanding.
The Company, with the approval of the Board of Directors, extended the Combination Period to June 3, 2024 and caused to be deposited
an additional $1,680,000 into the Company’s Trust Account.

6

On
June 5, 2023, in connection with the required Contributions for monthly extensions to the Combination Period and for working capital
purposes, the Company issued a non-interest bearing, unsecured convertible promissory note to the Sponsor in the aggregate principal
amount of $613,207 (the “Sponsor Convertible Promissory Note”) and to Valuence Partners LP in the aggregate principal amount
of $1,650,941 (the “VP Convertible Promissory Note”, and together with the Sponsor Convertible Promissory Note, the “Contribution
Notes”). The Contribution Notes will be repayable by the Company upon the earlier of (i) consummation of a Business Combination
and (ii) the date of the liquidation of the Company (the “Maturity Date”). Such loans may be converted into warrants of the
post-Business Combination entity at the option of the payees, which shall have terms identical to the Private Placement Warrants. If
the Company does not consummate a Business Combination by the end of the Combination Period, the outstanding principal amount of the
Contribution Notes will be repaid only from funds held outside of the Trust Account or will be forfeited, eliminated or otherwise forgiven.
As of December 31, 2024, $613,207 is outstanding under the Sponsor Convertible Promissory Note and $1,650,941 has been borrowed against
the VP Convertible Promissory Note.

On
June 14, 2023, the Staff of the Listing Qualifications Department of The Nasdaq Stock Market, LLC (“Nasdaq”) notified the
Company that the Company was not in compliance with Nasdaq’s minimum $1,000,000 aggregate market value of warrants requirement
set forth in Listing Rule 5452(b)(C). Based on Nasdaq’s further review and materials submitted by the Company to Nasdaq on July
19, 2023 and August 23, 2023, Nasdaq granted