Company: PMVC
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001213900-25-043278
Chunk: 80

Company: PMV Consumer Acquisition Corp.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 8
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of the Company’s assets and liabilities, which qualify as financial instruments under ASC 820, “Fair Value Measurements
and Disclosures,” approximates the carrying amounts represented in the accompanying condensed balance sheets, primarily due to their
short-term nature.

Recent Accounting Pronouncements

In November 2023, the FASB issued ASU 2023-07,
Segment Reporting (Topic 280), which improves reportable segment disclosure requirements. The new standard will require enhanced
disclosures about a public company’s significant segment expenses and more timely and detailed segment information reporting throughout
the fiscal period, including for companies with a single reportable segment. The standard became effective for the Company for the fiscal
year ended December 31, 2024, refer to Note 8 for more information. 

Management does not believe that any other recently
issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s unaudited
condensed interim financial statements.

NOTE 3. RELATED PARTY TRANSACTIONS

On March 20, 2020, the Sponsor purchased 3,593,750
shares of Class B convertible common stock (the “Founder Shares”) for an aggregate price of $25,000, or approximately $0.007
per share.

On August 3, 2020, the Company effected a 1.4-for-1
forward stock split of its issued and outstanding shares of Class B convertible common stock, resulting in an aggregate of 5,031,250 Founder
Shares being outstanding, of which an aggregate of up to 656,250 shares were subject to forfeiture by the Sponsor to the extent that the
underwriters’ over-allotment option was not exercised in full or in part so that the Sponsor would own, on an as-converted basis,
20% of the Company’s issued and outstanding shares after the Initial Public Offering.

On November 5, 2020, the over-allotment option
expired and was not exercised. Consequently 656,250 Founder Shares were forfeited. Following the forfeiture, the sponsor owned 4,375,000
shares of Class B convertible common stock.

On September 27, 2022, the Company’s Sponsor
contributed to the Company an aggregate of 200,000 shares of Class B convertible common stock. Following the contribution, the Sponsor
owned 4,175,000 shares of Class B convertible common stock.

On October 17, 2022,