Company: VMCWF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001827
Chunk: 113

Company: Valuence Merger Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 113
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,009,963 Units in our IPO. The Units were sold at a price of $10.00 per Unit, generating gross proceeds at the time of
the IPO of $220,099,630. The securities sold in our IPO were registered under the Securities Act on a registration statement on Form
S-1 (File No. 333-262246). The SEC declared the registration statement effective on February 28, 2022.

58

Offering
costs for the IPO and the exercise of the underwriters’ over-allotment option amounted to $10,718,994, consisting of $4,000,000
of underwriting fees, net of $2,200,996 reimbursed from the underwriters, $8,105,480 of deferred underwriting fees payable (which are
held in the Trust Account) and $814,510 of other costs. The $8,105,480 of deferred underwriting fee payable is contingent upon the consummation
of a Business Combination, subject to the terms of the underwriting agreement.

On
October 4, 2021, our Sponsor, purchased an aggregate of 5,750,000 Founder Shares, for an aggregate offering price of $25,000 at an average
purchase price of approximately $0.0043 per share (up to 750,000 shares of which were subject to forfeiture depending on the extent to
which the underwriters’ over-allotment option was exercised). The number of Founder Shares issued was determined based on the expectation
that the Founder Shares would represent 20% of the outstanding shares of ordinary shares upon completion of the IPO. Such securities
were issued in connection with our organization pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities
Act. Our Sponsor is an accredited investor for purposes of Rule 501 of Regulation D. 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.

In
addition, our Sponsor, together with Valuence Partners LP, one of its affiliates, pursuant to a written agreement, purchased from us
an aggregate of 6,666,667 Private Placement Warrants at a price of $1.50 per warrant. This purchase took place on a private