Financial Performance - As of September 30, 2023, the company reported a net income of $629,766 for the three months, primarily from interest earned on marketable securities of $865,387, after deducting general and administrative expenses of $235,620[110] - For the nine months ended September 30, 2023, the company achieved a net income of $3,990,907, with interest income of $5,258,993 and general and administrative expenses totaling $1,268,085[110] Cash and Capital Structure - The company has cash of $624,847 and a working capital deficit of $3,244,293 as of September 30, 2023[119] - The company raised gross proceeds of $220,099,630 from the IPO by selling 20,000,000 units at $10.00 per unit, with an additional $10,000,000 from the sale of 6,666,667 private placement warrants[113] - Following the IPO, approximately $226,702,619 was placed in a trust account, invested in U.S. government securities[116] - 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[117] Business Combination and Financing - The company has until December 3, 2023, to complete a Business Combination, with an option to extend until March 3, 2025, if approved by shareholders[119] - As of September 30, 2023, the company has issued a Sponsor Convertible Promissory Note for up to $613,207.55, with $172,714 outstanding[124] - The company also issued a VP Convertible Promissory Note for up to $1,650,943.40, with $1,285,246 borrowed against it as of September 30, 2023[125] - The company has no off-balance sheet arrangements or long-term debt obligations as of September 30, 2023[127] Regulatory and Reporting Considerations - The company qualifies as an "emerging growth company" under the JOBS Act, allowing it to delay the adoption of new or revised accounting standards[129] - The company is evaluating the benefits of reduced reporting requirements under the JOBS Act, which may exempt it from certain disclosures for up to five years post-IPO[130] - Management must make significant estimates and assumptions in preparing unaudited condensed financial statements in accordance with GAAP[131] - Actual results may differ significantly from estimates due to future confirming events affecting the conditions considered at the reporting date[132] - The company is classified as a smaller reporting company and is not required to provide certain market risk disclosures[134]
Valuence Merger Corp. I(VMCAU) - 2023 Q3 - Quarterly Report