Company: VMCWF
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010983
Chunk: 44

Company: Valuence Merger Corp. I
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 44
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 (19) additional times for an additional one
(1) month each time, up to March 3, 2026, provided that the Sponsor or its designees deposit into the Trust Account (i) on June 4, 2024,
with respect to the initial extension, an amount equal to the lesser of (x) $60,000 or (y) $0.03 per public share multiplied by the number
of Public Shares outstanding and (ii) one business day following the public announcement by the Company that the Board of Directors has
elected to further extend such date for an additional month, an amount equal to the lesser of (x) $30,000 or (y) $0.015 per public share
multiplied by the number of Public Shares outstanding. In connection with the June 2024 Meeting, holders of 4,343,316 Class A ordinary
shares subject to possible redemption exercised their right to redeem such shares. As a result, the Company paid $49,900,380 (or $11.49
per share) to the redeeming shareholders. After redemptions the Company had 1,867,402 Class A ordinary shares subject to possible redemption
outstanding.

Convertible
Promissory Notes

On
June 5, 2023, in connection with the required Contributions for monthly extensions to the Combination Period and for working capital
purposes, the Company issued a non-interest bearing, unsecured convertible promissory note to the Sponsor in the aggregate principal
amount of $613,207 and to Valuence Partners LP in the aggregate principal amount of $1,650,941. The Contribution Notes will be repayable
by the Company upon the earlier of (i) consummation of a Business Combination and (ii) the date of the liquidation of the Company. Such
loans may be converted into warrants of the post-Business Combination entity at the option of the payees, which shall have terms identical
to the Private Placement Warrants. If the Company does not consummate a Business Combination by the end of the Combination Period, the
outstanding principal amount of the Contribution Notes will be repaid only from funds held outside of the Trust Account or will be forfeited,
eliminated or otherwise forgiven. The Contribution Notes were accounted for using the bifurcation method and it was determined that the
conversion feature had no value and the Contribution Notes were recorded at par value. As of March 31, 2025 and December