Wed, May 15, 8:37 PM (269 days ago)
Valuence Merger Corp. I, a blank check company, reported its financial results for the quarter ended March 31, 2024. The company had $25,017 in cash and a working capital deficit of $4.6 million. Cash and investments in the trust account totaled $70.7 million, up from $69.4 million at the end of 2023, primarily due to interest income. The company reported net income of $588,681 for Q1 2024, down from $1.8 million in Q1 2023, driven by lower interest income and reduced operating costs. Management extended the deadline for completing a business combination to June 3, 2024, with plans to extend further if necessary. The company faces going concern risks, given the uncertainty of completing a business combination by the deadline. Recent amendments to the trust agreement allow for more flexible investment options for funds in the trust account. The company continues to seek a business combination, focusing on technology in life sciences and sustainable tech sectors, primarily in Asia.