AlphaVest Acquisition p(ATMV) - 2024 Q1 - Quarterly Report

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].