Company: VMCWF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001827
Chunk: 5

Company: Valuence Merger Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 5
---
 the Company an extension to December 11, 2023 to regain compliance with Listing Rule 5452(b)(C).
On May 10, 2024, the Company received a written notice from Nasdaq stating that Nasdaq had determined to commence proceedings to delist
the Company’s warrants from the Nasdaq Global Market unless the Company requested a hearing to appeal this determination or submitted
an application to transfer the listing of its warrants from the Nasdaq Global Market to the Nasdaq Capital Market. The Company applied
to transfer the listing of its warrants from the Nasdaq Global Market to the Nasdaq Capital Market, and on June 4, 2024, Nasdaq approved
the Company’s application. The warrants were transferred to the Nasdaq Capital Market at the opening of business on June 6, 2024.

On
March 1, 2024, the Company entered into amendment no. 1 (the “IMTA Amendment”) to the Investment Management Trust Agreement
(the “IMTA”) with Continental Stock Transfer & Trust Company, as trustee. Pursuant to the IMTA Amendment, Section 1(c)
of the IMTA was amended to provide that the trustee may, at the direction of the Company (i) hold funds uninvested, (ii) hold funds in
an interest-bearing or non-interest bearing bank demand deposit account at a U.S. chartered commercial bank with consolidated assets
of $100 billion or more selected by the trustee that is reasonably satisfactory to the Company, or (iii) invest and reinvest the Property
(as defined in the IMTA) in solely United States government securities within the meaning of Section 2(a)(16) of the Investment Company
Act, having a maturity of 185 days or less, or in money market funds meeting the conditions of paragraphs (d)(1), (d)(2), (d)(3) and
(d)(4) of Rule 2a-7 promulgated under the Investment Company Act (or any successor rule), which invest only in direct U.S. government
treasury obligations, as determined by the Company. Pursuant to the IMTA Amendment, On March 1, 2024, the Company instructed Continental
Stock Transfer and Trust Company to move the Trust Account out of investment in securities and into an interest-bearing bank deposit
account.

On
June 3, 2024, the Company held an extraordinary general meeting (the “June 2024 Meeting”), where shareholders approved an
amendment to