Company: PMVC
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-003340
Chunk: 274

Company: PMV Consumer Acquisition Corp.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1C
Chunk 274
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PMV CONSUMER ACQUISITION CORP.
NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 2024

NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS (CONT.)

On December 27, 2022, the Company announced the
completion of the redemption of its outstanding shares of Class A convertible common stock subject to redemption, totaling 2,046,609 shares
issued in its IPO (the “Class A IPO Shares”), in accordance with the provision of its charter. Holders representing a total
of 2,042,409 shares of the Class A IPO Shares called for redemption elected to receive a pro rata share of the cash, including the interest
earned thereon net of interest that may be used by the Company to pay its taxes payable (and not any stock), held in the Company’s
Trust Account. The $10.10 per share pro rata amount was calculated by dividing the number of Class A IPO Shares redeemed from each such
holder by the total number of outstanding Class A IPO Shares. Holders representing a total of 4,200 shares of the Class A IPO Shares called
for redemption elected to receive Class C common stock issued on a one-for-one basis for the number of Class A IPO Shares redeemed from
each such holder, plus each such holder’s pro rata share of the 200,000 shares of Class C common stock held in the IPO Trust Account.
The pro rata share of the Class C common stock held in the Trust Account was calculated by dividing the number of Class A IPO Shares redeemed
from each such holder by the total number of Class A IPO Shares redeemed from all holders of Class A IPO Shares that elected to receive
stock. The amount of cash that would otherwise have been paid to holders who redeemed for cash (totaling approximately $42,424) was released
from the Trust Account and transferred to the Company. The Trust Account was terminated following the release of the cash and stock to
holders of Class A IPO Shares in complete liquidation of the assets held in trust. The 3,000,000 shares of Class A convertible common
stock owned by the Sponsor, were not redeemed and were expressly excluded from participating in, and were not otherwise entitled to, any
of the cash and stock held in the Trust Account. The Class A IPO Shares redeemed are no longer deemed to be outstanding and all rights
of the holders thereof as stockholders of the Company with respect to the Class A IPO