Company: VMCWF
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010983
Chunk: 65

Company: Valuence Merger Corp. I
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 65
---
 on the over-the-counter market commenced
shortly thereafter.

On
April 3, 2025, 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 April 3, 2025 to May 3, 2025, the ninth 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
Trust Account.

On
May 3, 2025, 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 May 3, 2025 to June 3, 2025, the tenth 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
Trust Account.

    8

VALUENCE
MERGER CORP. I

NOTES
TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

MARCH
31, 2025

Liquidity
and Going Concern

As
of March 31, 2025, the Company had cash of $69,188, and a working capital deficit of $4,442,236.

Based
on the foregoing, management believes that the Company will not have sufficient working capital and borrowing capacity from the Sponsor
or an affiliate of the Sponsor, or certain of the Company’s officers and directors to meet its needs through the earlier of the
consummation of a Business Combination or one year from this filing. However, the Working Capital Loans (as defined below) and the June
2024 Note will provide additional flexibility to continue the identification and pursuit of potential Business Combination targets. Over
this time period, the Company will be using available funds, including those from the Working Capital Loans, for the purpose of paying
existing accounts payable, identifying and evaluating prospective Business Combination candidates, performing due diligence on prospective
target businesses, paying for travel expenditures, selecting the target business to merge with or acquire, and structuring, negotiating
and consummating the Business Combination.

In
connection with the Company’s assessment of going concern considerations in accordance with Financial Accounting Standards Board
(“FASB”) Accounting Standards Update (“ASU”) 2014-15, “Disclosures of