AlphaVest Acquisition Corp. Releases Q3 2023 10-Q Report

AlphaVest Acquisition Corp., a special purpose acquisition company (SPAC) incorporated in the Cayman Islands, has released its Form 10-Q report for the third quarter of 2023. The company, which aims to effect a merger or similar business combination, has provided key financial and operational updates in its latest filing.

Financial Highlights

• Net Income: $755,988 for the three months ended September 30, 2023, primarily driven by interest income on investments held in the trust account.
• Net Income: $2,105,442 for the nine months ended September 30, 2023, reflecting strong interest income from marketable securities.
• Basic and diluted net income per share, common stock subject to redemption: $0.12 for the three months ended September 30, 2023.
• Basic and diluted net income per share, common stock subject to redemption: $0.32 for the nine months ended September 30, 2023.
• Basic and diluted net loss per share, common stock, non-redeemable: $(0.02) for the three months ended September 30, 2023.
• Basic and diluted net loss per share, common stock, non-redeemable: $(0.06) for the nine months ended September 30, 2023.

Business Highlights

• Company Overview: AlphaVest Acquisition Corp was incorporated in the Cayman Islands on January 14, 2022, with the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses.
• Operational Status: As of September 30, 2023, the company had not commenced any operations. All activities have been related to the company's formation, the initial public offering (IPO), and identifying a target company for a business combination.
• Business Combination Agreement: On August 11, 2023, AlphaVest entered into a business combination agreement with Wanshun Technology Industrial Group Limited. The merger will result in Wanshun becoming a wholly-owned subsidiary of AlphaVest.
• Revenue Generation: The company will not generate any operating revenues until after the completion of an initial business combination. It currently generates non-operating income in the form of interest income from the proceeds derived from the IPO.
• Future Outlook: The company expects to incur significant professional costs to remain publicly traded and transaction costs in pursuit of a business combination. There is substantial doubt about the company's ability to continue as a going concern within one year after the date that the financial statements are issued or are available to be issued.

SEC Filing: AlphaVest Acquisition Corp. Releases Q3 2023 [ NASDAQ:ATMV ] - 10-Q - Nov. 03, 2023