Valuence Merger Corp. I, a blank check company incorporated in the Cayman Islands, reported a net income of $2.4 million for the year ending December 31, 2024, primarily driven by interest earned on investments held in its Trust Account. This figure represents a decrease from the previous year's net income of $4.8 million, which was attributed to higher interest income of $6.2 million offset by operating costs. As of December 31, 2024, the company had approximately $22.2 million in its Trust Account, following significant redemptions by shareholders in connection with extensions of the deadline to complete a business combination.
The company has undergone several strategic developments, including amendments to its Articles of Association to extend the deadline for completing a business combination from June 3, 2024, to August 3, 2024, with the possibility of further extensions until March 3, 2026. These extensions require the Sponsor to make monthly contributions to the Trust Account, which have totaled approximately $560,110 to date. The company has also issued convertible promissory notes to its Sponsor and Valuence Partners LP, which may be converted into warrants of the post-business combination entity.
Operationally, Valuence has not yet identified a target for its business combination, which is a requirement for generating revenue. The company has a small management team of four officers, and its search for a target is focused on companies in Asia (excluding China, Hong Kong, and Macau) that are developing breakthrough technologies in life sciences or sustainable technology. The company faces significant competition from other special purpose acquisition companies (SPACs) and private equity firms, which may limit its ability to find suitable targets.
Looking ahead, Valuence's management has expressed uncertainty about its ability to complete a business combination by the extended deadline. If it fails to do so, the company will be required to liquidate and redeem public shares at an estimated value of $11.89 per share, which may be subject to reductions based on claims against the Trust Account. The company has indicated that it may not have sufficient working capital to continue operations beyond the current fiscal year without securing additional financing, which remains uncertain. The management team is focused on identifying potential targets and negotiating a successful business combination, but the outcome remains contingent on market conditions and the availability of suitable acquisition opportunities.
About Valuence Merger Corp. I
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