Company: VMCWF
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010983
Chunk: 63

Company: Valuence Merger Corp. I
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 63
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) the date of the consummation of the
Company’s initial Business Combination or (b) the Maturity Date. If the Company does not consummate an initial Business Combination
by the Maturity Date, the June 2024 Note will be repaid only from funds held outside of the Trust Account established in connection with
the Company’s Initial Public Offering or will be forfeited, eliminated or otherwise forgiven. Upon maturity, the outstanding principal
balance of the June 2024 Note may be converted into warrants, at a price of $1.50 per warrant, at the option of the Sponsor, provided
that the maximum aggregate conversion of all convertible notes issued to the Sponsor or its affiliates may not exceed $1.5 million. Such
warrants will have terms identical to the Private Placement Warrants issued to the Sponsor in a private placement that closed simultaneously
with the Company’s Initial Public Offering. On June 4, 2024, the Company borrowed $300,000 under the June 2024 Note, which was
outstanding as of March 31, 2025 and December 31, 2024.

On
June 4, 2024, the Company deposited $56,022 into the Trust Account for the extension of the Combination Period from June 3, 2024 to August
3, 2024. On August 2, 2024, the Company deposited an additional $28,011 into the Trust Account for the extension of the Combination Period
from August 3, 2024 to September 3, 2024. On September 3, 2024, the Company deposited an additional $28,011 into the Trust Account for
the extension of the Combination Period from September 3, 2024 to October 3, 2024. On September 27, 2024, the Company deposited an additional
$28,011 into the Trust Account for the extension of the Combination Period from October 3, 2024 to November 3, 2024.

On
November 3, 2024, the Board of Directors of the Company approved an extension of the date by which the Company has to consummate an initial
business combination by an additional month, from November 3, 2024 to December 3, 2024, the fourth of 19 potential one-month extensions
available to the Company. In connection with such extension, the Company caused to be deposited an additional $28,011 into the Company’s