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Valuence Merger Corp. I (VMCA0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net income of $35,034 for the three months ended September 30, 2024, primarily due to interest income of $238,177 from investments held in the Trust Account.
The company reported general and administrative expenses of $203,143 for the quarter, which contributed to the overall financial results.
As of September 30, 2024, Valuence Merger Corp. I had cash of $15,539 and a working capital deficit of $5,554,762.
The company has extended its Combination Period, with the possibility of further extensions up to March 3, 2026, provided certain financial contributions are made.
Valuence Merger Corp. I continues to seek a suitable Business Combination and has not commenced any operations as of the report date.
The filing also notes that the company has until March 3, 2026, to complete a Business Combination, subject to additional monthly extensions, or it will face mandatory liquidation of the Trust Account.
The company acknowledges the uncertainty of completing a Business Combination within the specified timeframe, raising substantial doubt about its ability to continue as a going concern.
Valuence Merger Corp. I has issued convertible promissory notes to its Sponsor and affiliates to finance transaction costs related to the Business Combination.
The company has not entered into any off-balance sheet financing arrangements as of September 30, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Valuence Merger Corp. I quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.