Company: VMCWF
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001827
Chunk: 273

Company: Valuence Merger Corp. I
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 273
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 Company’s initial Business Combination
or (b) the date of the Company’s liquidation. If the Company does not consummate an initial Business Combination by the Maturity
Date, the June 2024 Note will be repaid only from funds held outside of the Trust Account or will be forfeited, eliminated or otherwise
forgiven. Upon maturity, the outstanding principal balance of the June 2024 Note may be converted into warrants, at a price of $1.50
per warrant, at the option of the Sponsor, provided that the maximum aggregate conversion of all convertible notes issued to the Sponsor
or its affiliates may not exceed $1.5 million. Such warrants will have terms identical to the Private Placement Warrants. On June 4,
2024, the Company borrowed $300,000 under the June 2024 Note, which was outstanding as of December 31, 2024.

Delisting from Nasdaq

On March 4, 2025, the Company
received a notice from the staff of the Listing Qualifications Department of Nasdaq stating that because the Company had not completed
an IPO within 36 months of the effective date of its IPO registration statement, it was not in compliance with Nasdaq listing rule IM
5101-2, and was therefore subject to delisting. Trading in the Company’s securities on Nasdaq was suspended at the opening of business
on March 11, 2025, and trading of the Company’s securities on the over-the-counter market commenced shortly thereafter.

Results
of Operations

As
of December 31, 2024, we have not commenced any operations. All activity through December 31, 2024 relates to our formation. the IPO,
and our search for an initial Business Combination. We will not generate any operating revenues until after the completion of a Business
Combination, at the earliest. We will generate non-operating income in the form of interest income from the proceeds derived from the
IPO placed in the Trust Account.

For
the year ended December 31, 2024, we had a net income of $2,403,129, which consisted of interest earned on investments held in the Trust
Account of $1,920,591, as well recoveries of previously incurred general and administrative costs of $1,606,332, which offset $1,123,794 of general and administrative costs
incurred in the current period.

For
the year ended December 31, 2023, we had