Piermont Valley Acquisition Corp

Piermont Valley Acquisition Corp is a blank check company, also known as a Special Purpose Acquisition Company (SPAC), incorporated in the Cayman Islands. Its primary purpose is to complete a business combination, such as a merger, share exchange, asset acquisition, share purchase, or reorganization, with one or more existing businesses or entities. On May 12, 2021, its prior sponsor acquired 5,750,000 Class B ordinary shares, referred to as Founder Shares, for a total of $25,000, which is approximately $0.004 per share. As of December 31, 2023, the Sponsor collectively held these 5,750,000 Founder Shares. On December 3, 2021, the company completed an initial public offering of 23,000,000 units at $10.00 per unit, generating gross proceeds of $230.0 million before underwriting discounts and expenses. This total included the underwriter's full exercise of an option to purchase an additional 3,000,000 units to cover over-allotments. Each unit consists of one Class A ordinary share and one-half of one redeemable warrant. Each whole warrant allows the holder to purchase one Class A ordinary share at an exercise price of $11.50 per share, subject to adjustment. Only whole warrants can be exercised or traded. Concurrently with the public offering, the company privately sold 10,500,000 warrants to its Sponsor at $1.00 per warrant, each exercisable to purchase one Class A ordinary share for $11.50 per share, subject to adjustment.