AlphaVest Acquisition Corp Extends Business Combination Deadline

AlphaVest Acquisition Corp (NASDAQ: ATMVU) recently announced a significant update concerning an agreement extension following a shareholder meeting held on December 18, 2024. The Company, under the ticker symbol ATMVU on The Nasdaq Stock Market LLC, has entered into an amendment referred to as the Trust Agreement Amendment with Continental Stock Transfer & Trust Company.

The Trust Agreement Amendment involves extending the deadline by which the Company must complete a business combination. Originally set for December 22, 2024, the new agreement allows for up to nine additional extensions, each spanning one month, leading to a final deadline of September 22, 2025, pending the occurrence of a business combination. To enable these extensions, the Company will deposit $55,000 for each monthly extension into the Trust Account, with a non-interest bearing, unsecured promissory note due upon the successful completion of a business combination.

Furthermore, AlphaVest Acquisition Corp’s shareholders, at the recent meeting, approved various proposals, including the Articles Amendment Proposal and the Trust Agreement Amendment Proposal. The Articles Amendment, reflected in the Second Amended and Restated Memorandum and Articles of Association, extends the business combination deadline and eliminates certain restrictions regarding the redemption of public shares.

In total, 3,151,473 ordinary shares of the Company were redeemed following the meeting, resulting in a withdrawal of approximately $35,956,676 from the Trust Account to fulfill these redemptions. Post-redemptions, around $17,962,587 remains in the Trust Account, with 3,854,856 outstanding ordinary shares following the process.

The Company’s Chief Executive Officer, Yong (David) Yan, signed the report on December 19, 2024, marking the official confirmation of these developments as the Company navigates its strategic path forward.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read AlphaVest Acquisition’s 8K filing here.

About AlphaVest Acquisition

AlphaVest Acquisition Corp does not have significant operations. It focuses on effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or related business combination with one or more businesses. The company was incorporated in 2022 and is based in New York, New York.