{"url_path":"/sec/cmcaf/10-k/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-K","doc_date":"2026-06-18","source_url":"https://www.sec.gov/Archives/edgar/data/1865248/0001477932-26-003931-index.html","accession_number":"0001477932-26-003931","cik":"0001865248","ticker":"CMCAF","issuer_name":"Piermont Valley Acquisition Corp","edgar_url":"https://www.sec.gov/Archives/edgar/data/1865248/0001477932-26-003931-index.html","primary_entity_key":"0001865248","primary_entity_name":"Piermont Valley Acquisition 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STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**Washington, D.C. 20549** \n\n \n\n**FORM 10-K**\n\n \n\n**☒**\n\n**Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**\n\n \n\n**For the fiscal year ended March 31, 2026**\n\n \n\n**☐**\n\n**Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**\n\n \n\n**For the transition period from ___________ to ____________**\n\n \n\n**Commission File Number 001-41108**\n\n \n\n**Piermont Valley Acquisition Corp**\n\n**(Exact name of registrant as specified in its charter)**\n\n \n\n**Cayman Islands**\n\n \n\n**98-1598114**\n\n**(State or Other Jurisdiction of Incorporation)**\n\n \n\n**(I.R.S. Employer Identification No.)**\n\n \n\n**732 6th Street, #5386**\n\n**Las Vegas, NV 89101**\n\n**(Address of Principal Executive Offices) (Zip Code)**\n\n \n\n**(929) 792-5788**\n\n**(Registrant’s Telephone Number, Including Area Code)**\n\n \n\n**(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)**\n\n \n\n**Securities registered pursuant to Section 12(b) of the Act:**\n\n \n\n**Title of Each Class**\n\n \n\n**Trading Symbol(s)**\n\n \n\n**Name of each exchange on which registered**\n\nUnits, each consisting of one Class A ordinary share, par value $0.0001, and one-half of one redeemable warrant\n\n \n\nCMCAU\n\n \n\nNone\n\n \n\n \n\n \n\n \n\nClass A ordinary shares, par value $0.0001 per share\n\n \n\nCMCAF\n\n \n\n \n\nNone\n\n \n\n \n\n \n\n \n\nWarrants, each whole warrant exercisable for one Class A ordinary share, each at an exercise price of $11.50 per share\n\n \n\n \n\nCMCAW\n\n \n\n \n\nNone\n\n \n\n**Securities registered pursuant to Section 12(g) of the Act: None**\n\n \n\nIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐     No ☒\n\n \n\nIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Exchange Act. Yes ☐     No ☒\n\n \n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirement for the past 90 days. Yes ☒     No ☐\n\n \n\nIndicate by check mark whether the registrant 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 submit such files). Yes ☒     No ☐\n\n \n\nIndicate 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.\n\n \n\nLarge accelerated filer\n\n☐\n\nAccelerated filer\n\n☐\n\nNon-accelerated filer\n\n☒\n\nSmaller reporting company\n\n☒\n\n \n\n \n\nEmerging growth company\n\n☒\n\n \n\nIf 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. ☐\n\n \n\nIndicate 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. ☐\n\n \n\nIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐\n\n \n\nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐\n\n \n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☒     No ☐\n\n \n\nThe registrant’s ordinary shares are not publicly traded. Accordingly, there is no market value for the registrant’s ordinary shares.\n\n \n\nAs of June 12, 2026, there were 5,954,449 of the Registrant's Class A ordinary shares, par value $0.0001 per share, and 1 of the Registrant's Class B ordinary shares, par value $0.0001 per share, issued and outstanding\n\n \n\nDocuments Incorporated by Reference: None.\n\n \n\n \n\n \n\n \n\n**PIERMONT VALLEY ACQUISITION CORP**\n\n \n\n**FORM 10-K**\n\n \n\n**TABLE OF CONTENTS**\n\n \n\n[PART I](#p1)\n\n \n\n \n\n \n\n \n\n[Item 1.](#i1)\n\n[Business](#i1)\n\n \n\n5\n\n \n\n[Item 1A.](#i1a)\n\n[Risk Factors](#i1a)\n\n \n\n16\n\n \n\n[Item 1B.](#i1b)\n\n[Unresolved Staff Comments](#i1b)\n\n \n\n47\n\n \n\n[Item 1C.](#i1c)\n\n[Cybersecurity](#i1c)\n\n \n\n47\n\n \n\n[Item 2.](#i2)\n\n[Properties](#i2)\n\n \n\n47\n\n \n\n[Item 3.](#i3)\n\n[Legal Proceedings](#i3)\n\n \n\n47\n\n \n\n[Item 4.](#i4)\n\n[Mine Safety Disclosures](#i4)\n\n \n\n47\n\n \n\n \n\n \n\n \n\n \n\n \n\n[PART II](#p2)\n\n \n\n \n\n \n\n \n\n[Item 5.](#i5)\n\n[Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#i5)\n\n \n\n48\n\n \n\n[Item 6.](#i6)\n\n[[Reserved]](#i6)\n\n \n\n49\n\n \n\n[Item 7.](#i7)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations](#i7)\n\n \n\n49\n\n \n\n[Item 7A.](#i7a)\n\n[Quantitative and Qualitative Disclosures About Market Risk](#i7a)\n\n \n\n56\n\n \n\n[Item 8.](#i8)\n\n[Financial Statements and Supplementary Data](#i8)\n\n \n\n56\n\n \n\n[Item 9.](#i9)\n\n[Changes in and Disagreements with Accountants on Accounting and Financial Disclosures](#i9)\n\n \n\n56\n\n \n\n[Item 9A.](#i9a)\n\n[Controls and Procedures](#i9a)\n\n \n\n56\n\n \n\n[Item 9B.](#i9b)\n\n[Other Information](#i9b)\n\n \n\n57\n\n \n\n[Item 9C.](#i9c)\n\n[Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#i9c)\n\n \n\n57\n\n \n\n \n\n \n\n \n\n \n\n \n\n[PART III](#p3)\n\n \n\n \n\n \n\n \n\n[Item 10.](#i10)\n\n[Directors, Executive Officers and Corporate Governance](#i10)\n\n \n\n58\n\n \n\n[Item 11.](#i11)\n\n[Executive Compensation](#i11)\n\n \n\n60\n\n \n\n[Item 12.](#i12)\n\n[Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#i12)\n\n \n\n61\n\n \n\n[Item 13.](#i13)\n\n[Certain Relationships and Related Transactions, and Director Independence](#i13)\n\n \n\n62\n\n \n\n[Item 14.](#i14)\n\n[Principal Accountant Fees and Services](#i14)\n\n \n\n63\n\n \n\n \n\n \n\n \n\n \n\n \n\n[PART IV](#p4)\n\n \n\n \n\n \n\n \n\n[Item 15.](#i15)\n\n[Exhibits, Financial Statement Schedules](#i15)\n\n \n\n64\n\n \n\n[Item 16.](#i16)\n\n[Form 10-K Summary](#i16)\n\n \n\n64\n\n \n\n \n\n \n\n2\n\n*Table of Contents*\n\n \n\n**CERTAIN TERMS**\n\n \n\nUnless otherwise stated in this Annual Report on Form 10-K or the context otherwise requires, references to:\n\n \n\n \n\n·\n“amended and restated memorandum and articles of association” refers to our Amended and Restated Memorandum and Articles of Association, as the same may be amended from time to time;\n\n \n\n \n\n \n\n \n\n·\n“Companies Act” refers to the Companies Act (As Revised) of the Cayman Islands as the same may be amended from time to time;\n\n \n\n \n\n \n\n \n\n·\n“founder shares” refers to our Class B ordinary shares initially issued to our prior sponsor in a private placement prior to our Initial Public Offering and the Class A ordinary shares that are or were issued upon the conversion of such Class B ordinary shares (for the avoidance of doubt, such Class A ordinary shares are and will not be “public shares”);\n\n \n\n \n\n \n\n \n\n·\n“Initial Public Offering” or “IPO” refers to our offering on December 3, 2021 of 23,000,000 units (which includes an additional 3,000,000 units sold pursuant to the full exercise of the underwriter’s over-allotment option) at a price of $10.00 per unit, each unit consisting of one Class A ordinary share and one-half of one redeemable warrant;\n\n \n\n \n\n \n\n \n\n·\n“initial shareholders” refers to our prior sponsor and each other holder of founder shares upon the consummation of our Initial Public Offering;\n\n \n\n \n\n \n\n \n\n·\n“management” or our “management team” refers to our executive officers and directors;\n\n \n\n \n\n \n\n \n\n·\n“new sponsor” refers to Valleypark Road, LLC, a Delaware limited liability company;\n\n \n\n \n\n \n\n \n\n·\n“ordinary shares” refers to our Class A ordinary shares and our Class B ordinary shares;\n\n \n\n \n\n \n\n \n\n·\n“prior sponsor” refers to CEMAC Sponsor LP, an exempted limited partnership in the Cayman Islands;\n\n \n\n \n\n \n\n \n\n·\n“public shares” refers to our Class A ordinary shares sold as part of the units in our Initial Public Offering (whether they were purchased in our Initial Public Offering or thereafter in the open market);\n\n \n\n \n\n \n\n \n\n·\n“public shareholders” refers to the holders of our public shares, including our sponsor and management team to the extent our sponsor and/or members of our management team purchase public shares, *provided* that our sponsor’s and each member of our management team’s status as a “public shareholder” will only exist with respect to such public shares;\n\n \n\n \n\n \n\n \n\n·\n“sponsor” refers collectively to the prior sponsor, the Vikasati sponsor and the new sponsor;\n\n \n\n \n\n \n\n \n\n·\n“Vikasati Sponsor” refers Vikasati Partners LLC, a Delaware limited liability company;\n\n \n\n \n\n \n\n \n\n·\n“we,” “us,” “our,” “Company,” “our company” or “Piermont” refers to Piermont Valley Acquisition Corp, a Cayman Islands exempted company.\n\n \n\n \n\n3\n\n*Table of Contents*\n\n  \n\n**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS; SUMMARY OF RISK FACTORS**\n\n \n\nCertain statements in this Annual Report on Form 10-K (the “Annual Report”) may constitute “forward-looking statements” for purposes of the federal securities laws. Our forward-looking statements include, but are not limited to, statements regarding our or our management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this Annual Report may include, for example, statements about:\n\n \n\n \n\n·\n\nour ability to select an appropriate target business or businesses;\n\n \n\n \n\n \n\n \n\n·\n\nour ability to complete our initial business combination;\n\n \n\n \n\n \n\n \n\n·\n\nour expectations around the performance of the prospective target business or businesses;\n\n \n\n \n\n \n\n \n\n·\n\nour success in retaining or recruiting, or changes required in, our officers, key employees or directors following our initial business combination;\n\n \n\n \n\n \n\n \n\n·\n\nour officers and directors allocating their time to other businesses and potentially having conflicts of interest with our business or in approving our initial business combination;\n\n \n\n \n\n \n\n \n\n·\n\nour potential ability to obtain additional financing to complete our initial business combination;\n\n \n\n \n\n \n\n \n\n·\n\nour pool of prospective target businesses;\n\n \n\n \n\n \n\n \n\n·\n\nthe ability of our officers and directors to generate a number of potential acquisition opportunities;\n\n \n\n \n\n \n\n \n\n·\n\nour public securities’ potential liquidity and trading;\n\n \n\n \n\n \n\n \n\n·\n\nthe lack of a market for our securities;\n\n \n\n \n\n \n\n \n\n·\n\nthe use of proceeds not held in the Trust Account (as defined below) or available to us from interest income on the Trust Account balance;\n\n \n\n \n\n \n\n \n\n·\n\nthe Trust Account not being subject to claims of third parties; or\n\n \n\n \n\n \n\n \n\n·\n\nour financial performance.\n\n \n\nThe forward-looking statements contained in this Annual Report are based on our current expectations and beliefs concerning future developments and their potential effects on us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) and other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described under the section of this Annual Report entitled “*Risk Factors*”. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.\n\n \n\n \n\n4\n\n*Table of Contents*\n\n \n\n**PART I**"}