Valuence Merger Corp. I Releases Q2 2024 Financial Report

About this update from Valuence Merger Corp. I

Valuence Merger Corp. I, a blank check company incorporated in the Cayman Islands, has released its Form 10-Q report for the second quarter of 2024. The company is focused on effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities, particularly those based in Asia (excluding China, Hong Kong, and Macau) that are developing breakthrough technology in life sciences or advancing sustainable technology platforms. Financial Highlights Net Income: $168,692 for the three months ended June 30, 2024, and $757,373 for the six months ended June 30, 2024, primarily driven by interest earned on investments held in the Trust Account.Basic and diluted net income per common share, Class A redeemable ordinary shares: $0.02 for the three months ended June 30, 2024, and $0.07 for the six months ended June 30, 2024.Basic and diluted net income per common share, Class A and Class B non-redeemable ordinary shares: $0.02 for the three months ended June 30, 2024, and $0.07 for the six months ended June 30, 2024. Business Highlights Company Overview: Valuence Merger Corp. I is a blank check company focused on effecting a merger or similar business combination with entities developing breakthrough technology in life sciences or advancing sustainable technology platforms.Initial Public Offering and Trust Account: The company completed its Initial Public Offering on March 3, 2022, raising gross proceeds of $220,099,630. The proceeds were initially invested in U.S. government securities and later moved to an interest-bearing bank deposit account as of March 1, 2024.Redemption and Trust Account Balance: Significant redemptions occurred during the reporting period, with $167,831,206 redeemed in May 2023 and $49,900,380 redeemed in June 2024. As of June 30, 2024, the Trust Account balance was approximately $21.6 million.Convertible Promissory Notes: The company issued several convertible promissory notes to its Sponsor and Valuence Partners LP for working capital and extension contributions. These notes are non-interest bearing and may be converted into warrants under certain conditions.Extraordinary General Meetings: The company held meetings in May 2023 and June 2024 to extend the deadline for completing a Business Combination. The extension allows for monthly increments up to March ...

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