Company: VMCWF
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010983
Chunk: 103

Company: Valuence Merger Corp. I
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 2
Chunk 103
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 proceeds of the sale of
the Units in the IPO and the Private Placement Warrants was placed in the Trust Account and was invested in U.S. government securities,
within the meaning set forth in Section 2(a)(16) of the Investment Company Act, with a maturity of 185 days or less or in any open-ended
investment company that holds itself out as a money market fund selected by us meeting the conditions of paragraphs (d)(2), (d)(3) and
(d)(4) of Rule 2a-7 of the Investment Company Act, as determined by us, until the earlier of (i) the completion of a Business Combination
and (ii) the distribution of the Trust Account. On March 1, 2024, the Company entered into the IMTA Amendment, which provides that the
trustee of the Trust Account may, at the direction of the Company (i) hold funds uninvested, (ii) hold funds in an interest-bearing or
non-interest bearing bank demand deposit account at a U.S. chartered commercial bank with consolidated assets of $100 billion or more
selected by the trustee that is reasonably satisfactory to the Company, or (iii) invest and reinvest the Property (as defined in the
IMTA) in solely United States government securities within the meaning of Section 2(a)(16) of the Investment Company Act, having a maturity
of 185 days or less, or in money market funds meeting the conditions of paragraphs (d)(1), (d)(2), (d)(3) and (d)(4) of Rule 2a-7 promulgated
under the Investment Company Act (or any successor rule), which invest only in direct U.S. government treasury obligations, as determined
by the Company. On the same day, pursuant to the IMTA Amendment, the Company instructed Continental Stock Transfer and Trust Company
to move the Trust Account out of an investment in securities and into an interest-bearing bank deposit account. As a result, the remaining
proceeds from the IPO and sale of Private Placement Warrants are no longer invested in U.S. government securities or money market funds.
Investing in our securities is not intended for persons who are seeking a return on investments in government securities or investment
securities.

18

In
connection with May 2023 Meeting, as described below, shareholders holding an aggregate of 15,799,245 Class A ordinary shares properly
exercised their right to redeem their shares for $