Valuence Merger I(VMCA) - 2022 Q3 - Quarterly Report

Financial Performance - As of September 30, 2022, the company reported a net income of $110,493, primarily from interest earned on marketable securities of $1,059,444, offset by general and administrative expenses of $948,951[117] - For the nine months ended September 30, 2022, the company experienced a net loss of $105,061, with general and administrative expenses totaling $1,454,509 and interest income of $1,349,448[117] IPO and Fundraising - The company raised gross proceeds of $220,099,630 from the sale of 20,000,000 units at $10.00 per unit during its IPO[119] - An additional 2,009,963 units were sold through the underwriters' over-allotment option, contributing to the total gross proceeds[119] - Offering costs for the IPO and the over-allotment option amounted to $10,718,994, including $4,000,000 in underwriting fees[122] Trust Account and Business Combination - The company placed $226,702,619 in a trust account, which will be invested in U.S. government securities until a business combination is completed or the trust account is distributed[123] - The company intends to use funds from the trust account primarily to complete a business combination and for working capital for the target business[124] - The company has until June 3, 2023, to complete a business combination, after which mandatory liquidation may occur if not completed[127] Debt and Capital Structure - The company does not have any long-term debt or off-balance sheet arrangements as of September 30, 2022[128] - There were no working capital loans outstanding as of September 30, 2022, and the company does not anticipate needing additional funds for operating expenditures[125]