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AlphaVest Acquisition Corp (ATMV+0.09%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing details the company's financial position, showing cash of $7,095 and marketable securities held in the trust account of $53,011,509. The trust account balance includes interest income of $5,419,445 as of September 30, 2024.
The company reported a net income of $502,021 for the three months ended September 30, 2024, primarily due to interest income on marketable securities held in the trust account.
As of September 30, 2024, AlphaVest Acquisition Corp had a working capital deficit of $1,276,719. The company expects to incur significant costs in pursuit of its business combination plans.
AlphaVest Acquisition Corp's initial public offering was completed on December 22, 2022, raising gross proceeds of $60,000,000. An additional $9,000,000 was raised through the exercise of the underwriters' over-allotment option.
The company has entered into various promissory notes to cover expenses related to the extension of the business combination period. As of September 30, 2024, $220,000 was outstanding under these notes.
AlphaVest Acquisition Corp is subject to a going concern consideration due to its working capital deficit and the need for additional capital to satisfy transaction costs related to its business combination.
The company received a notice from Nasdaq (NDAQ+0.40%) regarding non-compliance with the Minimum Public Holders Rule. AlphaVest Acquisition Corp submitted a plan to transfer its listing to the Nasdaq Capital Market.
The filing outlines the company's plans to consummate a business combination and the associated risks and uncertainties. The company has not yet selected a specific target for its initial business combination.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the AlphaVest Acquisition Corp quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.