Company: VMCWF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001827
Chunk: 641

Company: Valuence Merger Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 4
Chunk 641
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 Period in one-month
increments up to eighteen (18) additional times, or a total of up to thirty-six (36) months after the Initial Public Offering, until
up to March 3, 2025. In connection with such extensions to the Combination Period, the Sponsor or its designees was required to deposit
into the Trust Account, as a loan, $420,000 for the extension to September 3, 2023 and $140,000 for each monthly extension thereafter
(each, a “Contribution”). The Company’s shareholders also approved an amendment to the Articles to eliminate (i) the
limitation that the Company may not redeem Public Shares in an amount that would cause the Company’s net tangible assets to be
less than $5,000,001 and (ii) the limitation that the Company shall not consummate a Business Combination unless the Company has net tangible
assets of at least $5,000,001 immediately prior to, or upon consummation of, or any greater net tangible asset or cash requirement that
may be contained in the agreement relating to, such Business Combination. The Company’s shareholders also approved an amendment
to the Articles to permit a holder of the Company’s Class B ordinary shares to convert such shares into Class A ordinary shares
on a one-for-one basis at any time and from time to time prior to the closing of a Business Combination at the election of the holder.
In connection with the May 2023 Meeting, holders of 15,799,245 Class A ordinary shares subject to possible redemption exercised their
right to redeem such shares. As a result, the Company paid $167,831,206 (or $10.62 per share) to the redeeming shareholders. After redemptions
the Company had 6,210,718 Class A ordinary shares subject to possible redemption outstanding. The Company, with the approval by the Board
of Directors, extended the Combination Period to June 3, 2024 and caused to be deposited an additional $1,680,000 into the Company’s
Trust Account.

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 (the “Sponsor Convertible Promissory Note”) and to Valuence Partners LP in the aggregate principal amount
of $1,