Company: VMCWF
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023515
Chunk: 80

Company: Valuence Merger Corp. I
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 80
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 purchase one Class
A ordinary share at a price of $11.50 per share, subject to adjustment (see Note 7). A portion of the proceeds from the Private Placement
Warrants was added to the proceeds from the Initial Public Offering held in the Trust Account. If the Company does not complete a Business
Combination within the Combination Period, the proceeds from the sale of the Private Placement Warrants will be used to fund the redemption
of the Public Shares (subject to the requirements of applicable law). There will be no liquidating distributions with respect to the
Private Placement Warrants.

NOTE
5 - RELATED PARTY TRANSACTIONS

Founder
Shares

On
October 4, 2021, the Sponsor paid $25,000 to cover certain offering costs of the Company in consideration for 5,750,000 Class B ordinary
shares. The Founder Shares included an aggregate of up to 750,000 shares that were subject to forfeiture depending on the extent to which
the underwriters’ over-allotment option was exercised, so that the number of Founder Shares would equal, on an as-converted basis,
approximately 20% of the Company’s issued and outstanding ordinary shares after the Initial Public Offering (assuming each of the
Sponsor and Valuence Partners LP did not purchase any Public Shares in the Initial Public Offering). Simultaneously with the closing
of the Initial Public Offering, the Sponsor transferred 1,200,000 Founder Shares to Valuence Partners LP, an investment fund affiliated
with the Sponsor. As a result of the underwriters’ election to partially exercise their over-allotment option on March 8, 2022,
a total of 502,490 Founder Shares were no longer subject to forfeiture and up to 247,510 shares of Class B ordinary shares remained subject
to forfeiture. As of April 14, 2022, the underwriters’ over-allotment option expired, and therefore, the 247,510 remaining Class
B ordinary shares subject to forfeiture were forfeited, resulting in the Sponsor and Valuence Partners LP holding an aggregate of 5,502,490
Founder Shares.

Each
of the Sponsor and Valuence Partners LP has agreed, subject to limited exceptions, not to transfer, assign or sell any of the Founder
Shares until the earliest of (A) one year after the completion of a Business Combination and (B) subsequent to a Business Combination,
(x) if the closing price of the Class A ordinary shares equals or