Company: PMVC
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001213900-25-043278
Chunk: 16

Company: PMV Consumer Acquisition Corp.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1
Chunk 16
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11

PMV CONSUMER ACQUISITION CORP.

NOTES TO CONDENSED FINANCIAL STATEMENTS

MARCH 31, 2025

(Unaudited)

NOTE 3. RELATED PARTY TRANSACTIONS (CONT.)

On February 27, 2023, the Sponsor purchased 204,200
shares of Class C common stock from a Holder, which were comprised of (i) 4,200 shares of Class C common stock, which were issued on a
one-for-one basis for the number of shares of Class A convertible common stock of the Company previously redeemed from the Holder, and
(ii) 200,000 shares of Class C common stock, which represent the Holder’s pro rata share of the Class C common stock that were held
in the Trust Account, for an aggregate purchase price of $42,000.

On November 1, 2023, the Sponsor voluntarily elected
to convert all of its shares of Class A convertible common stock into shares of Class C common stock (the “Class C Conversion”),
which upon completion the Class C common stock was renamed Class A common stock.

Administrative Support Agreement

 The Company entered into an agreement whereby,
commencing September 24, 2020, the Company will pay an affiliate of the Sponsor a total of $10,000 per month for office space, utilities
and secretarial and administrative support. For the three months ended March 31, 2025 and 2024, the Company incurred fees for these services
of $30,000 and $30,000, respectively. Administrative support fees included in accounts payable – related party in the accompanying
condensed balance sheets at March 31, 2025 (unaudited) and December 31, 2024, were $542,000 and $512,000, respectively.

Cash and Cash Equivalents

 At March 31, 2025 and December 31, 2024, the Company
invested $1,094,701 and $1,083,831, respectively, in the Gabelli U.S. Treasury Money Market Fund, an affiliated entity, which is recorded
in cash and cash equivalents on the condensed balance sheets. The Gabelli U.S. Treasury Money Market Fund is an open-ended money market
fund with published daily net asset values (“NAV”), in which case the Company uses NAV as a practical expedient to fair value.
The NAV on this investment is held constant at $1