Financial Performance - As of June 30, 2022, the company reported a net loss of $133,283 for the three months ended, with general and administrative expenses of $409,563 and interest income of $276,280 from marketable securities[115]. - For the six months ended June 30, 2022, the company had a net loss of $215,554, consisting of general and administrative expenses of $505,558, offset by interest income of $290,004[115]. 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[116]. - An additional 2,009,963 units were sold through the underwriters' over-allotment option, generating further gross proceeds[116]. - Offering costs for the IPO and over-allotment amounted to $10,718,994, including $4,000,000 in underwriting fees[119]. 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[120]. - The company intends to use substantially all funds in the trust account to complete a Business Combination, with remaining proceeds for working capital and other acquisitions[121]. - The company has until June 3, 2023, to consummate a Business Combination, after which mandatory liquidation may occur if not completed[124]. Debt and Financial Obligations - The company has no long-term debt or off-balance sheet arrangements as of June 30, 2022[125][126]. - The company does not anticipate needing to raise additional funds for operating expenditures prior to a Business Combination[123].
Valuence Merger Corp. I(VMCAU) - 2022 Q2 - Quarterly Report