Valuence Merger Corp. I announced a private placement of convertible promissory note in the principal amount of $300,000, for gross proceeds of $300,000 on June 4, 2024. The transaction included participation from new investor VMCA Sponsor, LLC.

The note bears no interest and is repayable in full upon the earlier of the date of the consummation of the company?s initial business combination or the date of the company?s liquidation. If the company does not consummate an initial business combination by the maturity date, the note will be repaid only from funds held outside of the trust account established in connection with the company?s initial public offering or will be forfeited, eliminated or otherwise forgiven. Upon maturity, the outstanding principal balance of the note may be converted into warrants, at a price of $1.50 per warrant, at the option of the sponsor, provided that the maximum aggregate conversion of all convertible notes issued to the sponsor or its affiliates may not exceed $1,500,000.