Company: PMVC
Filing Date: 2025-11-07
Form Type: 10-Q
Source: 0001213900-25-107610
Chunk: 9

Company: PMV Consumer Acquisition Corp.
Filing Date: 2025-11-07
Form: 10-Q
Item: Part I, Item 1
Chunk 9
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 stock, which were issued on a one-for-one basis for the number of Class A convertible common stock
of the Company previously redeemed from the holder (as described above), and (ii) 200,000 shares of Class C common stock, which represents
the holder’s pro rata share of the Class C common stock that was held in the Trust Account (as described above), for an aggregate
purchase price of $42,000.

On
September 29, 2023, the Sponsor elected to voluntarily convert all of its shares of Class A convertible common stock into shares of Class
C common stock (the “Class C Conversion”). Following this conversion, which occurred on November 1, 2023, the Sponsor owned
1,175,000 shares of Class B convertible common stock and 3,204,200 shares of Class C common stock.

In
light of the Class C Conversion, and in order to simplify and better reflect the purpose, capital structure, governance and organizational
policies and procedures of the Company, the Board of Directors of the Company (the “Board”) recommended, and the stockholders
approved on September 29, 2023, various amendments to the Charter, as well as a reverse stock split of all outstanding shares of Class
B convertible common stock and Class C common stock at a ratio of 43.792-to-1 (the “Reverse Stock Split”).  The purpose
of the Reverse Stock Split was to decrease the total number of shares of the Company’s common stock outstanding and increase the
liquidity and market price of such shares to approximately $10.00 per share.  The other amendments to the Charter were as follows:
(i) the elimination of any and all authorized shares of Class A convertible common stock,  the renaming of the Class C common stock
to Class A common stock (the “Reclassification”), and the elimination of any and all authorized shares of Special common
stock, (ii) the modification of the rights of the Class B convertible common stock such that (a) the provisions permitting conversion
into shares of Class C common stock were deleted and (b) each holder of record shall be entitled to ten (10) votes for each share of
Class B convertible common stock held, (iii) the deletion of certain provisions of Article SIXTH of the Charter, including with respect
to any references to a business combination and/or the Company’s IPO Trust Account, as such provisions were previously extinguished
in accordance with the terms and conditions of the Charter