AlphaVest Acquisition Corp Announces Entering into a Merger Agreement with AMC Corporation
AlphaVest Acquisition Corp (NASDAQ: ATMV) has announced a merger agreement with AMC , a leading provider of native computer vision AI platforms. The transaction, valued at $175 million, is expected to close in Q4 2024, subject to regulatory and stockholder approvals. Upon completion, the combined company will operate as AMC and remain NASDAQ-listed under a new ticker symbol.
AMC specializes in smart security and consumer electronics solutions, including internet-connected smart home products and augmented reality wearables. The merger aims to capitalize on the growing business security market, leveraging AMC's Vision AI solutions. This business combination replaces ATMV's previously terminated agreement with Wanshun Technology Industrial Group
AlphaVest Acquisition Corp (NASDAQ: ATMV) ha annunciato un accordo di fusione con AMC, un fornitore leader di piattaforme di intelligenza artificiale per la visione computerizzata. La transazione, valutata 175 milioni di dollari, dovrebbe chiudersi nel quarto trimestre del 2024, soggetta all'approvazione normativa e degli azionisti. Al termine, la società combinata opererà come AMC e resterà quotata al NASDAQ sotto un nuovo simbolo di ticker.
AMC si specializza in soluzioni di sicurezza intelligente ed elettronica di consumo, inclusi prodotti per la casa intelligente connessi a internet e indossabili per la realtà aumentata. La fusione mira a capitalizzare sul crescente mercato della sicurezza aziendale, sfruttando le soluzioni Vision AI di AMC. Questa combinazione aziendale sostituisce l'accordo precedentemente terminato di ATMV con Wanshun Technology Industrial Group.
AlphaVest Acquisition Corp (NASDAQ: ATMV) ha anunciado un acuerdo de fusión con AMC, un proveedor líder de plataformas de inteligencia artificial de visión por computadora. La transacción, valorada en 175 millones de dólares, se espera que se cierre en el cuarto trimestre de 2024, sujeta a la aprobación regulatoria y de los accionistas. Al completarse, la empresa combinada operará como AMC y seguirá cotizando en NASDAQ bajo un nuevo símbolo de ticker.
AMC se especializa en soluciones de seguridad inteligente y electrónicos de consumo, incluidos productos para el hogar inteligente conectados a Internet y dispositivos portátiles de realidad aumentada. La fusión tiene como objetivo capitalizar el creciente mercado de seguridad empresarial, aprovechando las soluciones Vision AI de AMC. Esta combinación empresarial reemplaza el acuerdo previamente rescindido de ATMV con Wanshun Technology Industrial Group.
알파베스트 인수 주식회사 (NASDAQ: ATMV)는 AMC와 합병 계약을 발표했습니다. AMC는 네이티브 컴퓨터 비전 AI 플랫폼의 선도적인 공급업체입니다. 이 거래는 1억 7,500만 달러로 평가되며, 2024년 4분기에 규제 기관 및 주주 승인에 따라 마감될 예정입니다. 완료되면, 결합된 회사는 AMC로 운영되며 새로운 티커 기호로 NASDAQ에 상장됩니다.
AMC는 스마트 보안 및 소비자 전자 제품 솔루션, 특히 인터넷에 연결된 스마트 홈 제품 및 증강 현실 웨어러블 기기에 전문화되어 있습니다. 이번 합병은 AMC의 Vision AI 솔루션을 활용하여 성장하는 비즈니스 보안 시장을 활용하는 것을 목표로 합니다. 이 사업 조합은 ATMV의 이전 Wanshun Technology Industrial Group과의 계약을 대체합니다.
AlphaVest Acquisition Corp (NASDAQ: ATMV) a annoncé un accord de fusion avec AMC, un fournisseur leader de plateformes d'intelligence artificielle pour la vision par ordinateur. La transaction, évaluée à 175 millions de dollars, devrait être finalisée au quatrième trimestre 2024, sous réserve des approbations réglementaires et des actionnaires. À l'issue de cette opération, la société combinée opérera en tant qu'AMC et restera cotée au NASDAQ sous un nouveau symbole boursier.
AMC se spécialise dans des solutions de sécurité intelligente et d'électronique grand public, y compris des produits pour la maison connectés à Internet et des dispositifs portables de réalité augmentée. La fusion vise à tirer parti du marché croissant de la sécurité des entreprises, en exploitant les solutions Vision AI d'AMC. Cette combinaison d'entreprises remplace l'accord précédemment annulé d'ATMV avec Wanshun Technology Industrial Group.
AlphaVest Acquisition Corp (NASDAQ: ATMV) hat eine Fusionsvereinbarung mit AMC angekündigt, einem führenden Anbieter von nativen Computer Vision KI-Plattformen. Die Transaktion, die mit 175 Millionen Dollar bewertet wird, soll im vierten Quartal 2024 abgeschlossen werden, vorbehaltlich der Genehmigung durch die Aufsichtsbehörden und Aktionäre. Nach Abschluss wird das kombinierte Unternehmen als AMC tätig sein und weiterhin unter einem neuen Tickersymbol an der NASDAQ notiert sein.
AMC ist spezialisiert auf intelligente Sicherheits- und Unterhaltungselektroniklösungen, einschließlich internetverbundener Smart-Home-Produkte und tragbarer Augmented-Reality-Technologie. Die Fusion zielt darauf ab, vom wachsenden Geschäftssicherheitsmarkt zu profitieren und AMC's Vision AI-Lösungen zu nutzen. Diese Unternehmenszusammenführung ersetzt die zuvor beendete Vereinbarung von ATMV mit Wanshun Technology Industrial Group.
- Merger valued at $175 million, potentially increasing company value
- Access to public markets through NASDAQ listing
- Expansion into growing business security market
- Retention of AMC's executive management team post-merger
- Transaction subject to regulatory and stockholder approvals
- No guarantee of remaining listed on NASDAQ post-merger
- Potential integration challenges and costs associated with the merger
Insights
The merger between AlphaVest Acquisition Corp (ATMV) and AMC represents a significant $175 million deal in the Vision AI sector. This transaction could potentially unlock value for ATMV shareholders by providing exposure to the rapidly growing smart security and consumer electronics markets. However, investors should note that SPAC mergers often face challenges, including potential dilution and regulatory scrutiny. The success of this deal will largely depend on AMC's ability to execute its growth strategy and capitalize on the expanding Vision AI market. It's important to carefully examine AMC's financials and growth projections, which are not provided in this announcement, to assess the true value proposition of this merger.
AMC's focus on native computer vision AI for smart home and business security solutions positions it well in a high-growth market. The company's emphasis on accessible, affordable and user-friendly products could be a key differentiator. However, the AI and smart home sectors are highly competitive, with tech giants and numerous startups vying for market share. AMC's success will depend on its ability to innovate rapidly and scale efficiently. The merger with ATMV could provide the necessary capital for R&D and market expansion, but investors should closely monitor AMC's technological advantages and patent portfolio to gauge its long-term competitive position in the Vision AI space.
The business security market, which AMC is targeting, shows promising growth potential. With increasing concerns about safety and the adoption of smart technologies, there's a rising demand for innovative security solutions. However, AMC faces stiff competition from established players and well-funded startups. The company's success will hinge on its ability to differentiate its offerings and capture market share rapidly. Investors should look for detailed market penetration strategies and customer acquisition costs in future disclosures. Additionally, the augmented reality wearable products mentioned could open up new revenue streams, but this market is still nascent and highly speculative. A clear roadmap for product development and go-to-market strategies will be important for investor confidence.
New York, NY, Aug. 19, 2024 (GLOBE NEWSWIRE) -- AlphaVest Acquisition Corp (NASDAQ: ATMV) (“ATMV”), a special purpose acquisition company, announced the execution of a Business Combination Agreement (the “Merger Agreement”) with AMC Corporation (“AMC”), a leading provider of native computer vision AI platform, on August 16, 2024.
The transaction will be structured as a business combination with ATMV’s wholly owned subsidiary, AV Merger Sub, and is anticipated to result in AMC stockholders receiving shares of ATMVcapital stock valued at
AMC creates and distributes innovative, and smart security and consumer electronics solutions. It makes high quality internet connected smart home products and augmented reality wearable products that are accessible, affordable, and easy-to-use.
Upon the closing of the Business Combination, the combined company is expected to operate under the name AMC Corporation and remain a NASDAQ-listed public company trading under a new ticker symbol. AMC’s executive management team will continue to lead the combined company. There can be no assurance that the combined company will remain listed on NASDAQ.
Michael Adair, CEO of AMC, commented, “We are thrilled to announce the proposed business combination with ATMV. This will help position the company to capitalize on the growing business security market, leveraging our proven and differentiated Vision AI solutions at scale.”
David Yan, Chief Executive Officer of ATMV, commented, “We’re very excited to announce the proposed merger with AMC. Our extensive search and thorough evaluation of numerous potential business combination partners led us to AMC, which our board and management team believes offers the most compelling opportunity to deliver stockholder value. This business combination, if consummated, will grant ATMV investors an equity stake in a pioneering Vision AI company which has successfully established itself in the home security market and is now expanding various small to medium business use cases. We fully endorse AMC’s vision and are committed to supporting its goal to enable Vision AI across all relevant environments and situations.”
The description of the Business Combination contained herein is only a summary and is qualified in its entirety by reference to the Merger Agreement relating to the transaction. For additional information, see ATMV’s Current Report on Form 8-K, which will be filed promptly and can be obtained at the website of the U.S. Securities and Exchange Commission (“SEC”) at www.sec.gov.
As previously disclosed in a Form 8-K filed with the SEC, ATMV terminated its previously announced business combination agreement, dated as of August 11, 2023, with AV Merger Sub and Wanshun Technology Industrial Group Limited, effective as of March 13, 2024.
Advisors
Winston & Strawn LLP is serving as legal advisor to ATMV. Graubard Miller is serving as legal advisor to AMC. Revere Securities is serving as financial advisor to AMC. Small Seashell Limited is serving as financial advisor to ATMV.
About AMC Corporation
AMC creates and distributes innovative, and smart security and consumer electronics solutions. AMC builds strong relationships with its customers and partners to make high quality internet connected smart home products and augmented reality wearable products that are accessible, affordable, and easy-to-use. AMC’s mission is to make high-quality computer vision AI accessible for consumers and businesses through a highly scalable, hardware-agnostic native AI platform.
About AlphaVest Acquisition Corp
AlphaVest Acquisition Corp 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.
Cautionary Note Regarding Forward Looking Statements
This press release may contain statements that constitute “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include information concerning ATMV’s and AMC’s possible or assumed future results of operations, business strategies, debt levels, competitive position, industry environment, potential growth opportunities, and the effects of regulation, including whether the Business Combination will generate returns for stockholders. These forward-looking statements are based on ATMV’s or AMC’s management’s current expectations, projections, and beliefs, as well as a number of assumptions concerning future events. When used in this communication, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose,” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements.
These forward-looking statements are not guarantees of future performance, conditions, or results, and involve a number of known and unknown risks, uncertainties, assumptions, and other important factors, many of which are outside of ATMV’s or AMC’s management’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks, uncertainties, assumptions, and other important factors include, but are not limited to: (a) the occurrence of any event, change, or other circumstances that could give rise to the termination of negotiations and any subsequent definitive agreements with respect to the Business Combination; (b) the outcome of any legal proceedings that may be instituted against ATMV, AMC, or others following the announcement of the Business Combination and any definitive agreements with respect thereto; (c) the inability to complete the Business Combination due to the failure to obtain the approval of the stockholders of ATMV, to obtain financing to complete the Business Combination or to satisfy other conditions to closing; (d) changes to the proposed structure of the Business Combination that may be required or appropriate as a result of applicable laws or regulations or as a condition to obtaining regulatory approval of the Business Combination; (e) the ability to meeting the applicable stock exchange listing standards following the consummation of the Business Combination; (f) the risk that the Business Combination disrupts current plans and operations of AMC or its subsidiaries as a result of the announcement and consummation of the transactions described herein; (g) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of AMC to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (h) costs related to the Business Combination; (i) changes in applicable laws or regulations, including legal or regulatory developments (including, without limitation, accounting considerations) which could result in the need for ATMV to restate its historical financial statements and cause unforeseen delays in the timing of the Business Combination and negatively impact the trading price of ATMV’s securities and the attractiveness of the Business Combination to investors; (j) the possibility that ATMV and AMC may be adversely affected by other economic, business, and/or competitive factors; (k) AMC’s ability to execute its business plans and strategies; (l) AMC’s estimates of expenses and profitability; (m) the risk that the transaction may not be completed by ATMV’s business combination deadline and the potential failure to obtain extensions of the business deadline if sought by ATMV; (n) other risks and uncertainties indicated from time to time in the final prospectus of ATMV relating to its initial public offering filed with the SEC, including those under “Risk Factors” therein, and other documents filed or to be filed with the SEC by ATMV. Copies are available on the SEC’s website, www.sec.gov. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made.
ATMV and AMC assume no obligation and, except as required by law, do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither ATMV nor AMC gives any assurance that either ATMV or AMC will achieve its expectations.
Additional Information about the Business Combination and Where to Find It
In connection with the proposed Business Combination between ATMV and AMC, ATMV will file a registration statement on Form S-4 (as may be amended from time to time, the “Registration Statement”) that will include a preliminary proxy statement and a registration statement/preliminary prospectus of ATMV, and after the Registration Statement is declared effective, ATMV will mail a definitive proxy statement/prospectus relating to the Business Combination to its stockholders. The Registration Statement, including the proxy statement/prospectus contained therein, when declared effective by the SEC, will contain important information about the Business Combination and the other matters to be voted upon at a meeting of ATMV’s stockholders to be held to approve the Business Combination and related matters. This communication does not contain all of the information that should be considered concerning the Business Combination and other matters and is not intended to provide the basis for any investment decision or any other decision in respect to such matters. ATMV and AMC may also file other documents with the SEC regarding the Business Combination. ATMV stockholders and other interested persons are advised to read the preliminary proxy statement/prospectus when available and the amendments thereto and the definitive proxy statement/prospectus and other documents filed in connection with the Business Combination, as these materials will contain important information about ATMV, AMC, and the Business Combination.
When available, the definitive proxy statement/prospectus and other relevant materials for the Business Combination will be mailed to ATMV stockholders as of a record date to be established for voting on the Business Combination. Stockholders will also be able to obtain copies of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus, and other documents filed or that will be filed with the SEC through ATMV through the website maintained by the SEC at www.sec.gov, or by directing a request to the contacts mentioned below.
Participants in the Solicitation
ATMV, AMC, and their respective directors and officers may be deemed participants in the solicitation of proxies of ATMV stockholders in connection with the Business Combination. ATMV stockholders and other interested persons may obtain, without charge, more detailed information regarding the directors and officers of ATMV and a description of their interests in ATMV is contained in ATMV’s final prospectus related to its initial public offering, dated December 19, 2022, and in ATMV’s subsequent filings with the SEC. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to ATMV stockholders in connection with the Business Combination and other matters to be voted upon at the ATMV stockholder meeting will be set forth in the Registration Statement. Additional information regarding the interests of participants in the solicitation of proxies in connection with the Business Combination will be included in the Registration Statement that ATMV and AMC intend to file with the SEC. You will be able to obtain free copies of these documents as described in the preceding paragraph.
No Offer or Solicitation
This press release does not constitute an offer to sell or exchange, or the solicitation of an offer to buy or exchange any securities, or a solicitation of any vote or approval, nor shall there be any sale or exchange of securities in any jurisdiction in which such offer, solicitation, sale, or exchange would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended, or an exemption therefrom.
For investor and media inquiries, please contact:
David Yan
Email: david.yan@alphavestacquisition.com
203-998-5540
FAQ
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