Financial Performance - As of September 30, 2023, the company reported a net income of $629,766 for the three months ended, with interest earned on marketable securities of $865,387 and general and administrative expenses of $235,620[127]. - For the nine months ended September 30, 2023, the company had a net income of $3,990,907, consisting of interest earned on marketable securities of $5,258,993, offset by general and administrative expenses of $1,268,085[127]. Cash and Working Capital - The company had cash of $624,847 and a working capital deficit of $3,244,293 as of September 30, 2023[137]. - Following the IPO, approximately $226,702,619 was placed in a trust account, which is intended to be used for a Business Combination[134]. - Shareholders redeemed 15,799,245 Class A Ordinary Shares for approximately $167,831,206, leaving a balance of about $65.7 million in the trust account[135]. Business Combination and Going Concern - The company has until December 3, 2023, or March 3, 2025, to consummate a Business Combination, with substantial doubt about its ability to continue as a going concern if not completed[137]. Debt and Financing - The company issued a promissory note to the Sponsor for up to $613,207.55 for working capital, with $172,714 outstanding as of September 30, 2023[141]. - An unsecured convertible promissory note was issued to Valuence Partners LP for up to $1,650,943.40, with $1,285,246 borrowed against it as of September 30, 2023[142]. IPO Costs - The company incurred offering costs of $10,718,994 related to the IPO, including $4,000,000 in underwriting fees[133]. Off-Balance Sheet Arrangements - The company has no off-balance sheet arrangements or long-term liabilities as of September 30, 2023[144]. Regulatory Compliance - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new or revised accounting standards[147]. - The company is evaluating the benefits of reduced reporting requirements under the JOBS Act, which may exempt it from certain disclosures for five years post-IPO[148]. Management Estimates - Management's estimates and assumptions significantly impact the reported amounts of assets, liabilities, revenues, and expenses in the unaudited condensed financial statements[149]. - There is a possibility that actual results could differ significantly from management's estimates due to future confirming events[150]. Reporting Classification - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[151].
Valuence Merger I(VMCA) - 2023 Q3 - Quarterly Report