AlphaVest Acquisition Corp. reported its financial results for the third quarter and the nine months ended September 30, 2024, highlighting significant changes in its financial position compared to the previous fiscal period. As of September 30, 2024, the company had cash of $7,095, a substantial decrease from $28,560 as of December 31, 2023. Total current assets also fell to $28,494 from $63,133, while total assets increased slightly to $53.1 million from $50.9 million. The company’s total current liabilities surged to $1.3 million from $388,000, contributing to an accumulated deficit that widened to $(1.3 million) from $(325,050).
In terms of income, AlphaVest reported net income of $502,021 for the third quarter of 2024, down from $755,988 in the same period of 2023. For the nine months ended September 30, 2024, net income was $1.2 million, a decline from $2.1 million in the prior year. Interest income from investments held in the trust account decreased to $684,600 for the third quarter of 2024, compared to $954,788 in 2023, reflecting lower returns on investments. The company’s operating costs also saw a reduction, totaling $182,580 for the third quarter of 2024, down from $198,821 in the previous year.
Strategically, AlphaVest has faced challenges in its business combination efforts. The Business Combination Agreement with Wanshun Technology was terminated on March 18, 2024. However, on August 16, 2024, the company entered into a new agreement with AMC Corporation. Shareholders approved an extension of the business combination deadline to December 22, 2024, allowing for up to 10 extensions. As of September 30, 2024, the company reported a working capital deficit of $1.3 million, indicating a need for additional capital to cover ongoing costs.
The company also faced compliance issues with Nasdaq, receiving a notice of non-compliance with the Minimum Public Holders Rule, which requires at least 400 total holders for continued listing. AlphaVest submitted a plan to transfer its listing from the Nasdaq Global Market to the Nasdaq Capital Market.
Overall, AlphaVest Acquisition Corp. continues to navigate a challenging financial landscape while pursuing strategic business combinations, with a focus on maintaining compliance and securing necessary funding.
About AlphaVest Acquisition Corp.
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