AlphaVest Acquisition Corp. SEC 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 first quarter of 2025. The report provides a detailed overview of the company's financial performance and business activities, reflecting its ongoing efforts to identify a suitable target for a business combination.
Financial Highlights
Net Income: $8,697. The company reported a net income for the three months ended March 31, 2025, primarily due to interest income on investments held in the trust account.
Basic and diluted net income per share, ordinary shares subject to redemption: $0.13. This reflects the earnings per share for redeemable shares, showing an increase compared to the previous year.
Basic and diluted net loss per share, ordinary shares, non-redeemable: $(0.09). The loss per share for non-redeemable shares indicates a decrease in profitability compared to the previous year.
Business Highlights
Business 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. The company is not limited to a particular industry or sector for its business combination.
Operational Status: As of March 31, 2025, AlphaVest Acquisition Corp had not commenced any operations. All activities to date have been related to the company's formation, the initial public offering (IPO), and identifying a target company for a business combination.
IPO and Trust Account: The company completed its IPO on December 22, 2022, raising gross proceeds of $60,000,000. An additional $9,000,000 was raised through the exercise of an over-allotment option. The proceeds were placed in a trust account, which is invested in U.S. government securities or money market funds.
Business Combination Efforts: The company has been actively seeking a target for its initial business combination. It has extended the period to complete a business combination up to September 22, 2025, through shareholder-approved extensions.
Future Outlook: The company expects to incur significant costs related to being a publicly traded company and in pursuit of a business combination. There is substantial doubt about the company's ability to continue as a going concern if a business combination is not completed within the specified period.
Management's Discussion: The management has highlighted the company's focus on identifying a suitable business combination target and the associated costs. The company has not generated any operating revenues and will continue to incur expenses related to its public company status and business combination efforts.
SEC Filing: AlphaVest Acquisition Corp. [ ATMV ] - 10-Q - May. 19, 2025