IPO and Financial Proceeds - The Company generated gross proceeds of $60,000,000 from its Initial Public Offering (IPO) by selling 6,000,000 units at $10.00 per unit[23]. - Following the IPO, approximately $70,380,000 was deposited into a trust account, with $550,000 allocated for fees and expenses, and $650,000 available for working capital[26]. - As of December 21, 2023, approximately $50,608,334.49 remained in the trust account after 2,174,171 Ordinary Shares were redeemed for approximately $23,282,935.83[29]. - The net proceeds from the Initial Public Offering may be used for general corporate purposes, including maintenance or expansion of operations post-transaction[44]. - Approximately $650,000 will be available outside the trust account to fund working capital requirements, with offering expenses estimated at $550,000[108]. - Up to $51,108,600 from the net proceeds of the Initial Public Offering and the sale of Private Placement Units will be available to complete the business combination and pay related fees and expenses[130]. Business Combination Plans - The Company entered into a business combination agreement with Wanshun Technology Industrial Group Limited on August 11, 2023[27]. - The Company has extended the deadline to complete a business combination to December 22, 2024, by depositing $55,000 for each monthly extension[30]. - The Company has the ability to extend the time to consummate a business combination up to nine additional months, totaling 33 months from the IPO closing[41]. - The initial business combination must involve target businesses with an aggregate fair market value of at least 80% of the assets held in the trust account[43]. - The company may complete its initial business combination even if a majority of public shareholders do not support it, as it may not hold a shareholder vote unless required by law[74]. - The company may seek shareholder approval for its initial business combination, and its Initial Shareholders may purchase shares from public shareholders, influencing the vote[90]. Financial Condition and Risks - The company has not generated any revenues to date and is classified as an early-stage and emerging growth company[19]. - As of December 31, 2024, the company had a working capital deficiency of $1,745,636, raising substantial doubt about its ability to continue as a going concern[73]. - If the company fails to complete its initial business combination, it will not generate any operating revenues, impacting its financial viability[72]. - The company may need additional financing for general corporate purposes following the initial business combination, with no limitations on raising funds through equity or debt[45]. - The company may be forced to liquidate if it cannot obtain sufficient funds to operate for at least the next 24 months following the Initial Public Offering[105]. - The per-share redemption amount for public shareholders could be less than $10.20 due to potential claims from creditors[112]. Management and Operational Strategy - The management team aims to focus on private companies in Asia with compelling economics and paths to positive operating cash flow[35]. - The company aims to acquire businesses with strong management teams to enhance operational and investment capabilities[42]. - Target businesses should have significant revenue and earnings growth potential through product development and increased production capacity[42]. - The company seeks to acquire businesses capable of generating strong, stable, and increasing free cash flow, particularly those with predictable revenue streams[42]. - The company may pursue business combinations with affiliated entities if they meet established criteria and are approved by independent directors[168]. Market and Competitive Landscape - The Company has identified the Asian market as a key area for growth, driven by private sector expansion and technological innovation[36]. - The company expects to encounter intense competition from other entities with similar business objectives, including private investors and other blank check companies[102]. - Increased competition among special purpose acquisition companies may lead to a scarcity of attractive targets and higher costs for initial business combinations[81]. - The ability of public shareholders to redeem their shares for cash may deter potential business combination targets, complicating the acquisition process[78]. Regulatory and Legal Considerations - The company is subject to reporting obligations under the Exchange Act, including filing annual, quarterly, and current reports with the SEC[55]. - The company is classified as an "emerging growth company," allowing it to take advantage of certain exemptions from reporting requirements[59]. - The company may face challenges in completing a business combination with non-China-based targets due to regulatory scrutiny and potential foreign investment restrictions[70]. - The company may not be able to enforce legal rights if it acquires a business located outside the United States, affecting its operational control[70]. - Changes in Chinese government policies could significantly impact the company's operations and the value of its Ordinary Shares post-combination[70]. Shareholder Dynamics - Initial Shareholders have agreed to vote their shares in favor of the initial business combination, which could facilitate the approval process[75]. - Initial Shareholders will own 55.2% of issued and outstanding Ordinary Shares after the IPO, potentially influencing shareholder votes[176]. - Initial Shareholders acquired 1,725,000 Founder Shares for $25,000, representing 20% of outstanding shares post-IPO[169]. - The company may issue additional Ordinary Shares or preference shares to complete its initial business combination, potentially diluting existing shareholders' interests[70]. Risks Associated with Acquisitions - The company may not adequately assess all significant risk factors in potential business combinations, leading to possible value reductions for shareholders[122]. - The potential loss of key personnel from the target business post-combination could negatively impact operations and profitability[160]. - The company may pursue acquisitions outside of management's expertise, potentially affecting evaluation and operation[120]. - There are risks associated with the management of the target business after the initial business combination, including potential loss of control[179]. Economic and Market Conditions - Political events and social unrest in countries where the company operates could negatively affect business operations[194]. - Inflationary pressures in Asian economies may lead to government actions that could significantly decrease profitability post-acquisition[205]. - Regulations in Asia limiting foreign investments may restrict the number of potential acquisition candidates[206]. - Corporate governance standards in Asia may be weaker than in the United States, potentially hiding detrimental operational practices[208].

Financial Performance - As of September 30, 2024, the company reported a net income of $502,021 for the three months ended, consisting of interest income from marketable securities and bank interest income of $684,601, offset by formation and operating costs of $182,580[108]. - For the nine months ended September 30, 2024, the company had a net income of $1,234,008, with total interest income of $1,893,227, offset by formation and operating costs of $566,903 and an unrealized loss of $92,316[109]. Initial Public Offering - The company completed its Initial Public Offering on December 22, 2022, raising gross proceeds of $60,000,000 from the sale of 6,000,000 Units at $10.00 per Unit[111]. - Following the full exercise of the over-allotment option, the total amount placed in the trust account was $70,380,000, which will be used to complete the initial business combination[113]. Trust Account and Marketable Securities - As of September 30, 2024, the company held marketable securities in the trust account amounting to $53,011,509, including $5,419,445 of interest income[115]. Working Capital and Financial Health - The company reported a working capital deficit of $1,276,719 as of September 30, 2024, with cash on hand of only $7,095[116]. - There is substantial doubt about the company's ability to continue as a going concern within one year after the issuance of the financial statements[119]. Business Operations and Costs - The company has not generated any operating revenues to date and does not expect to do so until after the completion of its initial business combination[107]. - The company has incurred significant costs related to its acquisition plans and expects increased expenses due to being a public company[106]. Advisory and Compliance - The company has engaged EBC as an advisor for its business combination, agreeing to pay a service fee of 3.5% of the gross proceeds of the IPO upon consummation of the initial business combination[132]. - Management does not believe that any recently issued accounting standards would have a material effect on financial statements[134]. - The company is classified as a smaller reporting company and is not required to provide additional market risk disclosures[136].

Financial Performance - For the three months ended June 30, 2024, the company reported a net income of $382,746, consisting of $530,143 in interest income, offset by $147,397 in formation and operating costs[85]. - For the six months ended June 30, 2024, the company had a net income of $731,987, with total interest income of $1,208,626 and total costs of $384,323, including an unrealized loss of $92,316[85]. Assets and Securities - As of June 30, 2024, the company held marketable securities in the trust account amounting to $51,996,909, which includes $4,734,845 of interest income[90]. - Following the full exercise of the over-allotment option, the total amount placed in the trust account reached $70,380,000[88]. Working Capital and Cash Position - As of June 30, 2024, the company reported a working capital deficit of $874,140 and cash of $13,793[90]. Business Operations and Revenue - The company has not generated any operating revenues to date and does not expect to do so until after completing its initial business combination[84]. - The company has incurred significant costs related to its acquisition plans and anticipates increased expenses due to being a public company[83]. Going Concern - There is substantial doubt about the company's ability to continue as a going concern within one year after the issuance of the financial statements[93]. Financing Arrangements - The company has no off-balance sheet financing arrangements as of June 30, 2024[95]. Initial Public Offering - The company completed its Initial Public Offering on December 22, 2022, raising gross proceeds of $60,000,000 from the sale of 6,000,000 Units at $10.00 per Unit[86].

Financial Performance - For the three months ended March 31, 2024, the company reported a net income of $349,241, which includes interest income of $678,480, offset by formation and operating costs of $236,926 and an unrealized loss of $92,316 on investments [82]. - The company has not generated any operating revenues to date and does not expect to do so until after completing its initial business combination [81]. - There is substantial doubt about the company's ability to continue as a going concern within one year after the issuance of the financial statements [89]. Assets and Securities - As of March 31, 2024, the company had marketable securities in the trust account amounting to $51,466,768, which includes $4,204,704 of interest income [86]. - As of March 31, 2024, the company had cash of $13,791, which is intended for identifying and evaluating target businesses [86]. - The company has no off-balance sheet financing arrangements as of March 31, 2024 [92]. Initial Public Offering (IPO) - The company raised gross proceeds of $60,000,000 from its Initial Public Offering (IPO) by selling 6,000,000 Units at $10.00 per Unit [83]. - Following the full exercise of the over-allotment option, the total amount placed in the trust account reached $70,380,000, equating to $10.20 per Unit [85]. Costs and Expenses - The company has significant costs associated with being a public entity and anticipates increased expenses related to legal, financial reporting, and due diligence [81]. - The company has engaged EBC as an advisor for its business combination, agreeing to pay a service fee of 3.5% of the gross proceeds of the IPO upon consummation of the initial business combination [102].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the year ended December 31, 2023 Commission File Number 001-41574 ALPHAVEST ACQUISITION CORP (Exact name of registrant as specified in its charter) | --- | --- | |------------------------------------|-------| | Cayman Islands | | | (State or Other Jurisdiction | | | of Incorporation) | | 420 Lexington Ave, Suite 2446 New York, NY 10170 N ...

New York, New York, Dec. 20, 2023 (GLOBE NEWSWIRE) -- Alphavest Acquisition Corp (NASDAQ:ATMV) (the "Company") announced today that the Company's Extraordinary General Meeting of Shareholders (the "Extraordinary General Meeting") was convened on December 20, 2023 at 12:00 p.m. Eastern Time and adjourned in order to solicit additional votes on the matters listed in the notice of extraordinary general meeting and the proxy statement. The Extraordinary General Meeting has been adjourned to December 21, 2023 at ...

Financial Performance - For the three months ended September 30, 2023, the company reported a net income of $755,988, consisting of interest earned on marketable securities and bank interest income of $954,809, offset by formation and operating costs of $198,821[88]. - For the nine months ended September 30, 2023, the company had a net income of $2,105,442, with interest income totaling $2,592,636 and operating costs of $487,194[88]. - Cash used in operating activities for the nine months ended September 30, 2023, was $601,192, with a net income of $2,105,442 impacted by interest earned on marketable securities[92]. Assets and Securities - As of September 30, 2023, the company held marketable securities in the Trust Account amounting to $73,010,689, including $954,788 of interest income for the three months ended September 30, 2023[93]. - Following the full exercise of the over-allotment option, the total amount placed in the trust account was $70,380,000, which may be invested in U.S. government securities or money market funds[91]. - As of September 30, 2023, the company had cash of $57,843, intended for identifying and evaluating target businesses and conducting due diligence[94]. Debt and Obligations - The company has no long-term debt obligations or off-balance sheet arrangements as of September 30, 2023[100]. Going Concern - There is substantial doubt about the company's ability to continue as a going concern within one year after the issuance of the financial statements[97]. Future Expectations - The company expects to incur increased expenses as a result of being a public company and conducting due diligence on prospective business combination candidates[86]. Initial Public Offering - The company generated gross proceeds of $60,000,000 from the Initial Public Offering of 6,000,000 Units at $10.00 per Unit[90].

Financial Performance - For the three months ended June 30, 2023, the company reported a net income of $704,556, consisting of interest earned on marketable securities and bank interest income of $834,743, offset by formation and operating costs of $130,187[84]. - For the six months ended June 30, 2023, the company had a net income of $1,349,454, with interest income totaling $1,637,827 and operating costs of $288,373[84]. Marketable Securities - As of June 30, 2023, the company held marketable securities in the Trust Account amounting to $72,055,901, including $834,681 of interest income for the three months ended June 30, 2023[88]. Initial Public Offering - The company generated gross proceeds of $60,000,000 from the Initial Public Offering of 6,000,000 Units at $10.00 per Unit[85]. - Following the full exercise of the underwriter's over-allotment option, an additional $9,000,000 was raised, bringing total proceeds to $70,380,000 placed in the trust account[86]. Cash Flow and Liquidity - Cash used in operating activities for the six months ended June 30, 2023, was $438,236, resulting in a decrease in cash[95]. - As of June 30, 2023, the company had cash of $220,799 available for identifying and evaluating target businesses[89]. Future Outlook and Concerns - The company expects to incur increased expenses as a result of being a public company, including legal and financial reporting costs[81]. - There is substantial doubt about the company's ability to continue as a going concern within one year after the issuance of the financial statements[93]. Debt and Obligations - The company has no long-term debt obligations or off-balance sheet arrangements as of June 30, 2023[96].

Financial Performance - For the three months ended March 31, 2023, the net income was $644,898, compared to a net loss of $3,749 for the same period in 2022[8]. - The basic and diluted net income per share for common stock subject to redemption was $0.46 for the three months ended March 31, 2023[8]. - As of March 31, 2023, the Company reported a net income of $644,898, which includes interest earned on marketable securities of $803,084[82]. - The Company has not generated any operating revenues to date and will not do so until the completion of its initial Business Combination[81]. Balance Sheet and Cash Position - The total current liabilities decreased to $39,412 as of March 31, 2023, from $257,871 as of December 31, 2022[7]. - The total shareholders' equity as of March 31, 2023, was $358,221, down from $554,543 as of December 31, 2022[7]. - The company had cash at the end of the period amounting to $310,950, down from $659,035 at the beginning of the period[14]. - The Company had cash of $310,950 as of March 31, 2023, intended for identifying and evaluating target businesses[88]. - Cash used in operating activities for the three months ended March 31, 2023, was $348,085[93]. - The Company has no long-term debt obligations or off-balance sheet arrangements as of March 31, 2023[94]. Initial Public Offering (IPO) - The company generated gross proceeds of $60,000,000 from its Initial Public Offering on December 22, 2022[19]. - The Company sold 6,000,000 Units at a price of $10.00 per Unit during its Initial Public Offering, raising a total of $60,000,000[51]. - An additional 900,000 Units were issued due to the underwriter's full exercise of their over-allotment option, generating an extra $9,000,000[51]. - The Company completed a private sale of 390,000 Private Placement Units at $10.00 per Unit, totaling $3,900,000, which were added to the net proceeds from the Initial Public Offering[52]. - The total net proceeds from the initial public offering and the sale of Private Placement Units amounted to $71,030,000, or $10.20 per share sold in the initial public offering[114]. - The Company incurred transaction costs related to the Initial Public Offering amounting to $3,734,629[21]. - Offering costs of $3,734,630 were charged to additional paid-in capital upon completion of the Initial Public Offering[41]. Trust Account and Investments - The company placed $61,200,000 in a Trust Account from the net proceeds of the Initial Public Offering, with a per unit value of $10.20[20]. - The Company has $71,221,220 in investments held in the Trust Account as of March 31, 2023, including $802,992 in interest income[40]. - As of March 31, 2023, the Trust Account held $71,221,220 in a mutual fund primarily invested in U.S. Treasury Securities[72]. - The fair value of marketable securities held in the Trust Account increased from $70,418,228 on December 31, 2022, to $71,221,220 on March 31, 2023, reflecting a growth of approximately 1.14%[72]. Business Combination and Future Plans - The Company will redeem 100% of the Public Shares if a Business Combination is not completed within the Combination Period[28]. - The Company has until 12 months (or 18 months if extended) from the closing of the Initial Public Offering to consummate a Business Combination[28]. - The Company intends to use substantially all funds in the trust account to complete its initial business combination[87]. - Management believes that the funds available will sustain operations for at least one year from the issuance date of the financial statement[31]. - There is substantial doubt about the Company's ability to continue as a going concern within one year after the issuance of the financial statements[91]. Internal Controls and Compliance - There was a material weakness identified in internal controls related to the accretion adjustment, which management plans to enhance through additional analyses[107]. - No changes in internal control over financial reporting materially affected the company during the most recent fiscal quarter[107]. - The Company does not expect any recently issued accounting standards to have a material effect on its financial statements[50]. - The Company has no unrecognized tax benefits or accrued interest and penalties as of March 31, 2023[47]. - There have been no material changes to the risk factors disclosed in previous filings as of the date of this Quarterly Report[109].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Title of Each Class Trading Symbols Name of Each Exchange on Which Registered Units, each consisting of one share of common stock and one right ATMVU The Nasdaq Stock Market LLC Common stock, par value $0.0001 per share ATMV The Nasdaq Stock Market LLC Rights, each right entitling the holder thereof to one-tenth of one share of common stock ATMVR The Nasdaq Stock Market LLC FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of th ...