Financial Performance - As of March 31, 2023, the Company reported a net income of $1,776,101, primarily from interest earned on marketable securities held in the trust account, amounting to $2,430,776, after deducting general and administrative expenses of $654,675[97]. - The Company had cash of $169,804 and a working capital deficit of $2,070,883 as of March 31, 2023, raising concerns about its ability to continue as a going concern if a Business Combination is not consummated by June 3, 2023[104]. - The Company has no long-term debt or off-balance sheet arrangements as of March 31, 2023[105]. 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, with an additional 2,009,963 units sold through an over-allotment option[98]. - Offering costs for the IPO and the over-allotment option totaled $10,718,994, which included $4,000,000 in underwriting fees and $8,105,480 in deferred underwriting fees contingent upon the completion of a Business Combination[101]. Business Combination - The Company has until September 3, 2023, to complete a Business Combination, following the approval of an extension by shareholders[111]. - The Trust Account holds $226,702,619, which is intended to be used for completing a Business Combination and is invested in U.S. government securities[102]. - The Company has not commenced any operations and will not generate operating revenues until after the completion of a Business Combination[96]. - The Company incurred significant costs in pursuit of acquisition plans, with no assurance of successful completion of a Business Combination[95]. Regulatory Status - The Company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new accounting standards[107].
Valuence Merger Corp. I(VMCAU) - 2023 Q1 - Quarterly Report