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AlphaVest Acquisition p(ATMV) - 2024 Q3 - Quarterly Report
ATMVAlphaVest Acquisition p(ATMV)2024-11-19 21:57

Financial Performance - As of September 30, 2024, the company reported a net income of 502,021forthethreemonthsended,consistingofinterestincomefrommarketablesecuritiesandbankinterestincomeof502,021 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].−FortheninemonthsendedSeptember30,2024,thecompanyhadanetincomeof182,580[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,offsetbyformationandoperatingcostsof1,893,227, offset by formation and operating costs of 566,903 and an unrealized loss of 92,316[109].InitialPublicOffering−ThecompanycompleteditsInitialPublicOfferingonDecember22,2022,raisinggrossproceedsof92,316[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 10.00perUnit[111].−Followingthefullexerciseoftheover−allotmentoption,thetotalamountplacedinthetrustaccountwas10.00 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,including53,011,509, including 5,419,445 of interest income[115]. Working Capital and Financial Health - The company reported a working capital deficit of 1,276,719asofSeptember30,2024,withcashonhandofonly1,276,719 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].