Company: PMVC
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001213900-25-075638
Chunk: 58

Company: PMV Consumer Acquisition Corp.
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 58
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 and a general illiquid trading environment. Proprietary broker-dealer
quotations may not commence until an initial review by a broker-dealer under the SEC’s Rule 15c2-11 which would enable brokers to
publish competing quotes and provide continuous market making. No assurance can be provided that a liquid trading market will develop
even if market makers begin proprietary quotations and thus we expect investors will experience difficulty in trading our securities.

The National Securities Markets Improvement Act
of 1996, which is a federal statute, prevents or preempts the states from regulating the sale of certain securities, which are referred
to as “covered securities.” Because they have been delisted, our securities would not be covered securities and we would be
subject to regulation in each state in which we offer our securities. This state level regulation introduces additional compliance requirements
for brokers to consider making markets in our securities and will further negatively impact any trading liquidity in our securities.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

On March 20, 2020, the Sponsor purchased 3,593,750
shares of Class B convertible common stock, the “Founder Shares”, for an aggregate purchase price of $25,000, or approximately
$0.007 per share. On August 3, 2020, the Company effected a 1.4-for-1 forward stock split of its issued and outstanding shares of Class
B convertible common stock, resulting in an aggregate of 5,031,250 Founder Shares being issued and outstanding. The Underwriters’
over-allotment option expired unutilized resulting in 656,250 shares of Founder Shares being forfeited. As of June 30, 2025 and December
31, 2024, 26,831 (restated for reverse stock split) Founder Shares were issued and outstanding. The foregoing issuance was made pursuant
to the exemption from registration contained in Section 4(a)(2) of the Securities Act.

On September 24, 2020, we consummated the Initial
Public Offering of 17,500,000 Units, which did not include the full or partial exercise by the underwriters of the over-allotment option
to purchase an additional 2,625,000 Units, at $10.00 per Unit. The securities in the offering were registered under the Securities Act
on registration statements on Form S-1 (No. 333-241670). The Securities and Exchange Commission declared the