AlphaVest Acquisition Corp Announces Closing of Full Over-allotment Option

Rhea-AI Summary

AlphaVest Acquisition Corp announced that underwriters exercised the full over-allotment option for its IPO, purchasing an additional 900,000 units at $10.00 per unit, raising a total of $69 million. Consequently, 6,900,000 units are now listed on Nasdaq under the symbol ‘ATMVU’. Each unit comprises one ordinary share and one right. The Company seeks to engage in business combinations, focusing on opportunities throughout Asia. EarlyBirdCapital, Inc. led the offering as sole bookrunner, with Revere Securities as co-manager.

Positive

• Successfully raised $69 million from IPO, enhancing capital for future acquisitions.
• Broad focus on acquiring businesses throughout Asia may lead to diverse growth opportunities.

Negative

• The Company is a blank check company, which carries inherent risks in identifying suitable business combinations.

New York, NY, Dec. 29, 2022 (GLOBE NEWSWIRE) -- AlphaVest Acquisition Corp (the “Company”) today announced that the underwriters of its previously announced initial public offering exercised the full over-allotment option on December 28, 2022 to purchase an additional 900,000 units at a public offering price of $10.00 per unit. After giving effect to the exercise of the over-allotment option, a total of 6,900,000 units have been issued raising an aggregate of $69,000,000. The units, including those issued in connection with the over-allotment option, are listed on the Nasdaq Stock Market LLC (“Nasdaq”) under the ticker symbol “ATMVU”. Each unit consists of one ordinary share and one right, with each right entitling the holder thereof to receive one-tenth of one ordinary share upon consummation of an initial business combination. After the securities comprising the units begin separate trading, the ordinary shares and rights are expected to be listed on Nasdaq under the symbols “ATMV” and “ATMVR,” respectively.

The Company is a blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While the Company will not be limited to a particular industry or geographic region in its identification and acquisition of a target company, the Company intends to focus its search on businesses throughout Asia.

EarlyBirdCapital, Inc. acted as sole bookrunning manager of the offering and Revere Securities acted as co-manager of the offering.

A registration statement relating to these securities was declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on December 19, 2022. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The offering is being made only by means of a prospectus. Copies of the prospectus relating to the offering may be obtained from EarlyBirdCapital, Inc., Attention: Syndicate Department, 366 Madison Avenue, 8^th Floor, New York, New York 10017, or by telephone at 212-661-0200.

Forward Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering and search for an initial business combination. No assurance can be given that the proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement for the initial public offering filed with the SEC, which is available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Investor Contact:

Taylor Zhang
Email: taylorzhang@irimpact.com
203-998-5540

FAQ

What is the recent IPO activity of AlphaVest Acquisition Corp?

AlphaVest Acquisition Corp raised $69 million through an IPO by issuing 6,900,000 units at $10.00 each.

What is the ticker symbol for AlphaVest Acquisition Corp units?

The units are listed on Nasdaq under the ticker symbol 'ATMVU'.

What are the components of the units issued by AlphaVest Acquisition Corp?

Each unit consists of one ordinary share and one right.

What is the focus of AlphaVest Acquisition Corp for business acquisitions?

The Company intends to focus on acquiring businesses throughout Asia.

Who acted as the bookrunner for AlphaVest Acquisition Corp's IPO?

EarlyBirdCapital, Inc. acted as the sole bookrunning manager for the offering.