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AlphaVest Acquisition p(ATMV) - 2023 Q1 - Quarterly Report
ATMVAlphaVest Acquisition p(ATMV)2023-05-22 21:06

Financial Performance - For the three months ended March 31, 2023, the net income was 644,898,comparedtoanetlossof644,898, 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 0.46forthethreemonthsendedMarch31,2023[8].−AsofMarch31,2023,theCompanyreportedanetincomeof0.46 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].−TheCompanyhasnotgeneratedanyoperatingrevenuestodateandwillnotdosountilthecompletionofitsinitialBusinessCombination[81].BalanceSheetandCashPosition−Thetotalcurrentliabilitiesdecreasedto803,084[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 257,871asofDecember31,2022[7].−Thetotalshareholders′equityasofMarch31,2023,was257,871 as of December 31, 2022[7]. - The total shareholders' equity as of March 31, 2023, was 358,221, down from 554,543asofDecember31,2022[7].−Thecompanyhadcashattheendoftheperiodamountingto554,543 as of December 31, 2022[7]. - The company had cash at the end of the period amounting to 310,950, down from 659,035atthebeginningoftheperiod[14].−TheCompanyhadcashof659,035 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].−TheCompanyhasnolong−termdebtobligationsoroff−balancesheetarrangementsasofMarch31,2023[94].InitialPublicOffering(IPO)−Thecompanygeneratedgrossproceedsof348,085[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 10.00perUnitduringitsInitialPublicOffering,raisingatotalof10.00 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].−TheCompanycompletedaprivatesaleof390,000PrivatePlacementUnitsat9,000,000[51]. - The Company completed a private sale of 390,000 Private Placement Units at 10.00 per Unit, totaling 3,900,000,whichwereaddedtothenetproceedsfromtheInitialPublicOffering[52].−ThetotalnetproceedsfromtheinitialpublicofferingandthesaleofPrivatePlacementUnitsamountedto3,900,000, 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 10.20persharesoldintheinitialpublicoffering[114].−TheCompanyincurredtransactioncostsrelatedtotheInitialPublicOfferingamountingto10.20 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 3,734,630werechargedtoadditionalpaid−incapitaluponcompletionoftheInitialPublicOffering[41].TrustAccountandInvestments−Thecompanyplaced3,734,630 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].−TheCompanyhas10.20[20]. - The Company has 71,221,220 in investments held in the Trust Account as of March 31, 2023, including 802,992ininterestincome[40].−AsofMarch31,2023,theTrustAccountheld802,992 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 70,418,228onDecember31,2022,to70,418,228 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].