Valuence Merger Corp. I announced a private placement of convertible promissory note in the principal amount up to $1,650,943.40 and convertible promissory note in the principal amount up to $613,207.55 for aggregate gross proceeds of $2,264,150.95 on June 5, 2023. The transaction included participation from new investor Valuence Partners Lp, a fund managed by Valuence Partners.

The notes bear no interest and are each 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. Upon maturity, up to $1.5 million of the outstanding principal balance of the notes may be converted into warrants, at a price of $1.50 per warrant, at the option of the lenders.