10-K/A - VMCAF - Equibles

UNITED

STATES

SECURITIES

AND EXCHANGE COMMISSION

WASHINGTON,

D.C. 20549

FORM

10-K/A

Amendment

No. 1

☒

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Forthe fiscal year ended December 31, 2022

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR

THE TRANSITION PERIOD FROM ________ TO ________

COMMISSION

FILE NUMBER 001-41304

VALUENCE

MERGER CORP. I

(Exactname of registrant as specified in its charter)

Cayman Islands	N/A
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification Number)
4 Orinda Way, Suite 100D
Orinda, California	94563
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (415) 340-0222

Securities

registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbols	Name of each exchange on which registered
Units, each consisting of one Class A ordinary share, $0.0001 par value, and one-half of one redeemable warrant	VMCAU	The Nasdaq Stock Market LLC
Class A ordinary shares, par value $0.0001 per share	VMCA	The Nasdaq Stock Market LLC
Redeemable warrants, each warrant exercisable for one Class A ordinary share at an exercise price of $11.50 per share	VMCAW	The Nasdaq Stock Market LLC

Securities

registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant (1) has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large<br> accelerated filer ☐	Accelerated<br> filer ☐	Non-accelerated<br> filer ☒	Smaller<br> reporting company	☒
			Emerging<br> growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☒ No ☐

The

aggregate market value of the voting and non-voting common equity held by non-affiliates of the issuer as of June 30, 2022, the last business day of the Company’s most recently completed second fiscal quarter was $220,319,729.60 based on the closing sales price of the Company’s Class A ordinary shares on such date, as reported on The Nasdaq Global Market.

As

of March 31, 2023 the Registrant had 22,009,963 of its Class A ordinary shares, $0.0001 par value per share, and 5,502,490 of its Class B ordinary shares, $0.0001 par value per share, outstanding.

DOCUMENTS

                                        INCORPORATED BY REFERENCE

None.

Audit Firm ID	Auditor Name	Auditor Location
100	WithumSmith+Brown, PC	New York, New York

EXPLANATORY

NOTE

Valuence Merger Corp. I (the “Company”) is filing this Amendment No. 1 to the Annual Report on Form 10-K/A (the “Amendment”) to amend its Annual Report on Form 10-K for the fiscal year ended December 31, 22022, originally filed with the Securities and Exchange Commission (“SEC”) on March 31, 2023 (the “Original Filing”) solely for the purpose of filing revised certifications by the Company’s principal executive officer and principal financial officer, as Exhibits 31.1 and 31.2 herewith, to correct an inadvertent omission of certain language regarding internal control over financial reporting required to be included in such certifications by Item 601(b)(31)(i) of Regulation S-K. In accordance with interpretation 246.13 in the Regulation S-K section of the SEC’s “Compliance & Disclosure Interpretations,” the Amendment consists solely of the preceding cover page, this explanatory note, the signature page and paragraphs 1, 2, 4 and 5 of each of the revised certifications filed as exhibits to the Amendment. Because no financial statements have been included in the Amendment, paragraph 3 of each of the certifications set forth in the exhibits has been omitted.

The Amendment does not reflect events occurring after the date of the filing of the Original Filing or modify or update any of the other disclosures contained therein in any way. Accordingly, the Amendment should be read in conjunction with the Original Filing.

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PART

ITEM

EXHIBITS, FINANCIAL STATEMENT SCHEDULES.

(a)	The following documents are filed as part of this Form 10-K:
(1)	Financial Statements:
---	---

Reference is made to the Index to Financial Statements of the Company beginning on page F-1 hereto.

(2)	Financial<br> Statement Schedules:

All schedules are omitted for the reason that the information is included in the financial statements or the notes thereto or that they are not required or are not applicable.

(3)	Exhibits

We hereby file as part of this Report the exhibits listed in the attached Exhibit Index.

Exhibit Number	Description
3.1	Amended<br> and Restated Memorandum and Articles of Association (Incorporated by reference to the corresponding exhibit to the Company’s<br> Quarterly Report on Form 10-Q, filed with the SEC on August 15, 2022).
4.1	Specimen<br> Unit Certificate (Incorporated by reference to the corresponding exhibit to the Company’s Registration Statement on Form S-l/A<br> (File No. 333-262246), filed with the SEC on February 18, 2022).
4.2	Specimen<br> Ordinary Share Certificate (Incorporated by reference to the corresponding exhibit to the Company’s Registration Statement<br> on Form S-l/A (File No. 333-262246), filed with the SEC on February 18, 2022).
4.3	Specimen<br> Warrant Certificate (Incorporated by reference to the corresponding exhibit to the Company’s Registration Statement on Form<br> S-l/A (File No. 333-262246), filed with the SEC on February 18, 2022).
4.4	Warrant<br> Agreement, dated February 28, 2022, by and between the Company and Continental Stock Transfer & Trust Company, as warrant agent<br> (Incorporated by reference to Exhibit 4.1 to the Company’s Quarterly Report on Form 10-Q, filed with the SEC on August 15,<br> 2022).
4.5**	Description of Securities.
10.1	Letter<br> Agreement, dated February 28, 2022, by and among the Company, its officers, its directors, the Sponsor and Valuence Partners LP (Incorporated<br> by reference to the corresponding exhibit to the Company’s Quarterly Report on Form 10-Q, filed with the SEC on August 15,<br> 2022).

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| --- | | 10.2 | Investment Management Trust Agreement, dated February 28, 2022, by and between the Company and Continental Stock Transfer & Trust Company, as trustee (Incorporated by reference to the corresponding exhibit to the Company’s Quarterly Report on Form 10-Q, filed with the SEC on August 15, 2022). | | --- | --- | | 10.3 | Registration Rights Agreement, dated February 28, 2022, by and among the Company, VMCA Sponsor, LLC and the other holders party thereto (Incorporated by reference to the corresponding exhibit to the Company’s Quarterly Report on Form 10-Q, filed with the SEC on August 15, 2022). | | 10.4 | Private Placement Warrants Purchase Agreement, dated February 28, 2022, by and between the Company and VMCA Sponsor, LLC (Incorporated by reference to the corresponding exhibit to the Company’s Quarterly Report on Form 10-Q, filed with the SEC on August 15, 2022). | | 10.5 | Private Placement Warrants Purchase Agreement, dated February 28, 2022, by and among the Company and Valuence Partners LP (Incorporated by reference to the corresponding exhibit to the Company’s Quarterly Report on Form 10-Q, filed with the SEC on August 15, 2022). | | 24.1 | Power of Attorney (included on signature pages herein). | | 31.1* | Certification of Chief Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | | 31.2* | Certification of Chief Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | | 32.1** | Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | | 32.2** | Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | | 101.INS | Inline XBRL Instance Document. | | 101.SCH | Inline XBRL Taxonomy Extension Schema Document. | | 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | | 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | | 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | | 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | | 104* | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). | | * | Filed herewith. | | --- | --- | | ** | Previously filed. |

ITEM

FORM 10-K SUMMARY

None.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: July 21, 2023

VALUENCE MERGER CORP. I
By:	/s/ Sung Yoon Woo
Name:	Sung<br> Yoon Woo
Title:	Chief<br> Executive Officer and Director

Pursuant to the requirements of the Securities and Exchange Act of 1934, this report has been signed below by the following persons in the capacities and on the dates indicated below.

Name	Title	Date
/s/ Sung Yoon Woo	Chief Executive Officer and Director	July 21, 2023
Sung Yoon Woo	(Principal Executive Officer)
/s/ Sungwoo (Andrew) Hyung	Chief Financial Officer and Director	July 21, 2023
Sungwoo (Andrew) Hyung	(Principal Financial and<br> Accounting Officer)
*	Director	July 21, 2023
Dr. Joong Myung Cho
*	Director	July 21, 2023
Nelson Gentiletti
*	Director	July 21, 2023
John Kim
*	Director	July 21, 2023
---	---	---
Young<br> Min Kim
*	Director	July 21, 2023
Gary<br> Wunderlich
*	Director	July 21, 2023
---	---	---
Zhe<br> Zhang
* By:	/s/ Sungwoo (Andrew) Hyung
---	---
Name:	Sungwoo (Andrew) Hyung
Title:	Attorney-in-Fact

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Exhibit31.1

CERTIFICATION

PURSUANTTO RULE 13a-14 AND 15d-14

UNDERTHE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

I, Sung Yoon Woo, certify that:

1. I have reviewed this Annual Report on Form 10-K/A for the year ended December 31, 2022 of Valuence Merger Corp. I;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date:<br> July 21, 2023	By:	/s/ Sung Yoon Woo
		Sung<br> Yoon Woo
		Chief<br> Executive Officer and Director (Principal Executive Officer)

Exhibit31.2

CERTIFICATION

PURSUANTTO RULE 13a-14 AND 15d-14

UNDERTHE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

I, Sungwoo (Andrew) Hyung, certify that:

1. I have reviewed this Annual Report on Form 10-K/A for the year ended December 31, 2022 of Valuence Merger Corp. I;

b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.

Date:<br> July 21, 2023	By:	/s/ Sungwoo (Andrew) Hyung
		Sungwoo<br> (Andrew) Hyung
		Chief<br> Financial Officer and Director (Principal Financial and Accounting Officer)