Company: PMVC
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001213900-25-043278
Chunk: 69

Company: PMV Consumer Acquisition Corp.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
Chunk 69
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PMV CONSUMER ACQUISITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

MARCH 31, 2025

(Unaudited)

NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS
OPERATIONS

PMV Consumer Acquisition Corp. (the “Company”)
was incorporated in Delaware on March 18, 2020. The Company was formed for the purpose of entering into a merger, share exchange, asset
acquisition, stock purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities.

Although the Company is not limited to a particular
industry or sector for purposes of identifying a potential business opportunity and consummating a transaction, the Company intends to
focus its search on business opportunities in the consumer products industry. The Company is an early stage and emerging growth company
and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies.

As of March 31, 2025, the Company had not commenced
any operations. All activity through March 31, 2025, relates to the Company’s formation, the initial public offering (“Initial
Public Offering”) and simultaneous private sale of warrants (“Private Warrants”), which is described below, and identifying
a potential business opportunity. It is unlikely that the Company will generate any operating revenues until after the completion of a
transaction, at the earliest. The Company generates non-operating income in the form of interest income.

The Company initially had until September 21,
2022, to complete a business combination (the “Combination Period”). On September 21, 2022, the Company held a special meeting
of stockholders (the “Meeting”). The purpose of the Meeting was to approve the following amendments to the Company’s
certificate of incorporation; to extend the date by which the Company had to consummate a business combination for one year, from September
21, 2022 to September 21, 2023, conditioned on the deposit of 200,000 shares of Class B convertible common stock (to be converted into
Class C common stock) into the Company’s Trust Account (the “Trust Account”), to increase authorized stock from 86,000,000
to 120,000,000 shares, of which 100,000,000 shall be shares of common stock, consisting of 45,000,000 shares of Class A convertible common
stock, 10,000,000 shares of Class