Company: VMCWF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001827
Chunk: 158

Company: Valuence Merger Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 158
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 2021.
The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization
or similar business combination with one or more businesses or entities (a “Business Combination”).

The
Company is not limited to a particular industry or sector for purposes of consummating a Business Combination. However, the Company intends
to concentrate its efforts in identifying a potential Business Combination partner that is based in Asia (excluding China, Hong Kong
and Macau) and who is developing breakthrough technology in life sciences and/or advancing a platform for sustainable technology. The
Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early
stage and emerging growth companies.

As
of December 31, 2024, the Company had not commenced any operations. All activity for the period from August 27, 2021 (inception) through
December 31, 2024 relates to the Company’s formation, the initial public offering (“Initial Public Offering”), and
subsequent to the Initial Public Offering, identifying a target company for a Business Combination, which is described below. The Company
will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company generates
non-operating income in the form of interest income from the proceeds derived from the Initial Public Offering.

The
registration statement for the Company’s Initial Public Offering was declared effective on February 28, 2022. On March 3, 2022,
the Company consummated the Initial Public Offering of 20,000,000 units (the “Units” and, with respect to the Class A ordinary
shares included in the Units being offered, the “Public Shares”). Each Unit consists of one of the Company’s Class
A ordinary shares, par value $0.0001 per share (the “Class A ordinary shares”) and one-half of one redeemable warrant (the
“Public Warrants”), with each Public Warrant entitling the holder thereof to purchase one Class A ordinary share for an initial
exercise price of $11.50 per share. The Units were sold at a price of $10.00 per Unit, generating gross proceeds of $200,000,000, which
is described in Note 3.

Simultaneously
with the closing of the Initial Public Offering, the Company consummated the sale of an aggregate of 6,666,667 warrants (each,