Valuence Merger Corp. I, a blank check company focused on effecting a merger or similar business combination with entities in Asia developing breakthrough technology in life sciences or sustainable technology, has released its Form 10-Q report for the quarter ended September 30, 2025. The report provides a comprehensive overview of the company's financial performance and operational status.
Financial Highlights
Net Income: Valuence Merger Corp. I reported a net income of $156,241 for the three months ended September 30, 2025, compared to $35,034 for the same period in 2024. This increase is attributed to reduced general and administrative expenses and recoveries of previously incurred costs.
For the nine months ended September 30, 2025, the company reported a net income of $239,933, down from $792,407 for the same period in 2024. The decrease is primarily due to lower interest income earned on cash and 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 September 30, 2025, compared to $0.00 for the same period in 2024. For the nine months ended September 30, 2025, the figure was $0.03, down from $0.08 for the same period in 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 September 30, 2025, compared to $0.00 for the same period in 2024. For the nine months ended September 30, 2025, the figure was $0.03, down from $0.08 for the same period in 2024.
Business Highlights
Business Overview: Valuence Merger Corp. I is a blank check company incorporated in the Cayman Islands, focused on effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities. The company is particularly interested in identifying a potential business combination partner based in Asia (excluding China, Hong Kong, and Macau) that is developing breakthrough technology in life sciences or advancing a platform for sustainable technology.
Operational Status: As of September 30, 2025, Valuence Merger Corp. I had not commenced any operations. All activities to date have been related to the company's formation, the initial public offering (IPO), and the identification of a target company for a business combination.
Trust Account Management: The company has managed its trust account by moving funds out of investment in securities and into an interest-bearing bank deposit account as of March 1, 2024. This strategic move was made to ensure compliance with the Investment Management Trust Agreement and to optimize the management of funds while awaiting a business combination.
Shareholder Redemptions: During the reporting period, significant shareholder redemptions occurred. In May 2023, shareholders holding 15,799,245 Class A ordinary shares redeemed their shares, resulting in a payout of approximately $167.8 million. In June 2024, an additional 4,343,316 Class A ordinary shares were redeemed, resulting in a payout of approximately $49.9 million.
Future Outlook: The company has until March 3, 2026, to consummate a business combination, with the possibility of extending this deadline through monthly extensions. Management is actively pursuing potential business combination targets and is focused on using available funds to identify and evaluate prospective candidates, perform due diligence, and negotiate and consummate a business combination.
Nasdaq Delisting: On March 4, 2025, the company received a notice from Nasdaq regarding non-compliance with listing rules due to not completing an IPO within 36 months of the effective date of its IPO registration statement. Consequently, trading on Nasdaq was suspended, and trading commenced on the over-the-counter market.
Liquidity and Going Concern: As of September 30, 2025, the company had a working capital deficit of $4,768,480. Management has expressed concerns about the company's ability to continue as a going concern due to liquidity conditions and the mandatory liquidation of the trust account if a business combination is not completed by the end of the combination period.
SEC Filing: